Ondas Holdings Inc (NASDAQ:ONDS) shares are falling in Tuesday’s after-hours session after the company announced a proposed public offering.
See what is happening wIth ONDS stock here.
What Happened: After the market close on Tuesday, Ondas said it intends to offer and sell shares of its common stock. The size of the offering was not disclosed, but the company plans to grant the underwriters a 30-day option to purchase additional shares.
All of the shares in the offering will be sold by Ondas. Net proceeds are expected to be used for working capital, general corporate purposes and potential strategic transactions.
The offering comes after Ondas shares closed the day at all-time highs after the company reported better-than-expected results for the second quarter before the market open on Tuesday.
Ondas reported second-quarter revenue of $6.27 million, beating estimates of $4.97 million, and a quarterly loss of eight cents per share versus estimates for a loss of 10 cents per share.
The company said it ended the quarter with approximately $68.55 million in cash, cash equivalents and restricted cash.
“We ended Q2 with over $68 million in cash and, in July, retired the remaining balance of Ondas Holdings’ convertible notes, putting us on strong financial footing. With record customer activity, a growing backlog, and deepening visibility, we are building a highly scalable platform. We expect to exit 2025 with a record backlog and clear revenue visibility into 2026,” the company said in its earnings release.
ONDS Price Action: Ondas shares were down 13.05% in after-hours, trading at $3.73 at the time of publication on Tuesday, according to Benzinga Pro.
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