FORT Robotics Adds ~$20M Led by Tiger Global, Lifting Merger-Era Capital Past $50M
NTWO is trading near its 52-week low of $9.88 (9.6% above the low) on light trading volume (0.1× avg).
Summary
FORT Robotics, the safety-technology target of Newbury Street II's SPAC merger, pulled in roughly $20 million of fresh commitments from existing backers. Tiger Global is leading about $10 million, with Mark Cuban Companies participating, and Tiger added another $10 million to the previously announced common equity PIPE. Total committed capital tied to the business combination now tops $50 million, up from the $31.25 million PIPE disclosed in the August 18 merger agreement. That matters because Newbury Street II's trust cash is thin — the last 10-Q showed $396K outside trust and a going-concern warning — so every incremental dollar of committed capital reduces the risk of a cash-starved post-close balance sheet. The shareholder vote on extending the SPAC deadline to October 28, 2026 is the next hard checkpoint; the business combination deadline is November 4, 2026. Ondas is only referenced as the prior employer of Newbury Street II CEO Thomas Bushey and is not a party to this financing.
At the time of this announcement, NTWO was trading at $10.83 on NASDAQ in the Technology sector, with a market capitalization of approximately $261.2M. The 52-week trading range was $9.88 to $12.14. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.