Overview
- Omdat registered the resale of 2,351,833 shares tied to its Mistral acquisition, which pressured the stock according to Benzinga.
- The merger agreement calls for $125 million in new common shares to be issued in five equal installments through May 22.
- The company will not receive cash from the registered resales, and selling holders face a daily cap of 10% of average trading volume.
- Jim Cramer labeled Ondas a me-too player that is still losing money, a televised critique that has weighed on sentiment.
- The Mistral deal has closed, giving Ondas access to U.S. Army and Special Operations contract channels and lifting pro forma backlog to $457 million.