Ondas (ONDS) Stock Surges 30% on Rebrand and Strategic Relocation
Ondas Holdings Inc. (ONDS) witnessed a 30% surge in its stock price last week, closing at $11.02 on Friday, following the announcement of a corporate rebrand to Ondas Inc. and a strategic relocation of its headquarters to West Palm Beach, Florida. The MOVE aims to bolster growth and facilitate access to capital markets.
The company secured approximately $10 million in new purchase orders for its autonomous systems and counter-drone technology, signaling strong demand for its defense and security solutions. Chairman and CEO Eric Brock emphasized that the rebrand reflects Ondas' evolution into a global defense and security technology platform.
However, the company anticipates a $56.6 million non-cash charge related to a securities exchange, with 2.39 million shares slated for issuance on January 5. Additionally, a subsidiary faces convertible notes due on January 15, while director RON Stern filed to sell up to 100,000 shares.