Ondas buys Israeli drone co Airobotics

Airobotics drone  credit: Yoni Ben Haim
Airobotics drone credit: Yoni Ben Haim

The autonomous unmanned aircraft systems developer, once valued at $240 million, is being sold for less than half its IPO valuation last summer.

US company Ondas Holdings (Nasdaq: ONDS) announced today that it has entered into a definitive agreement to acquire Israeli drones solutions company Airobotics (TASE: AIRO). The two companies had signed a memorandum of understanding last month.

Airobotics, which develops autonomous unmanned aircraft systems (UAS) and automated data analysis and visualization platforms, held its IPO on the TASE last summer at more than double the valuation it is now receiving.

Ondas Holdings said that each issued share of Airobotics will be exchanged for 0.16806 shares of Ondas common stock. Ondas expects to issue 2.8 million shares as consideration to the Airobotics shareholders (excluding approximately 1.7 million shares underlying options and warrants to be outstanding following the acquisition), implying an acquisition value of $15.2 million. Three years bfore its IPO, Airobotics was valued at $240 million.

Airobotics ended the first half of 2022 with revenue of just $544,000, down 66% from the first half of 2021, a net loss of $6.5 million, and a 'going concern' qualification attached to its financial report.

Akerman LLP and Pearl Cohen Zedek Latzer Baratz are serving as legal counsel to Ondas in the deal, and Herzog Fox & Neeman and Erez Rozenbuch Advocates are serving as legal counsel to Airobotics.

Published by Globes, Israel business news - en.globes.co.il - on August 8 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Airobotics drone  credit: Yoni Ben Haim
Airobotics drone credit: Yoni Ben Haim
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