Ondas Allows 2.1M Share Resale; Subsidiary World View Wins $4.8M US Contract
ONDS has more than doubled off its 52-week low of $1.36.
Summary
Ondas Inc. has filed an SEC supplement allowing investors to resell up to 2.1 million shares, following CEO Eric Brock's recent sale of 2.4 million shares for tax purposes. Separately, its subsidiary World View secured a $4.8 million, three-month contract with U.S. SOUTHCOM for high-altitude balloon deployment. The share resale and insider selling could introduce some supply pressure, while the contract win provides a positive revenue stream and validates the World View acquisition, which was announced in March. These events present a mixed picture for the stock.
At the time of this announcement, ONDS was trading at $11.21 on NASDAQ in the Technology sector, with a market capitalization of approximately $5.8B. The 52-week trading range was $1.36 to $15.28. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Wiseek News.