Ondas Holdings Inc. (NASDAQ:ONDS), a Nevada-based manufacturer in the communications equipment sector, has announced an amendment to its 2021 Stock Incentive Plan following approval from its stockholders.
The amendment, which was approved during the company's Annual Meeting on Monday, increases the number of shares available for issuance under the plan from 8 million to 11 million shares of common stock.
The decision to expand the stock incentive plan was part of several items voted on by shareholders at the Annual Meeting. The amendment was initially adopted by the Board of Directors on October 17, 2024, contingent upon stockholder approval. Details of the amendment were included in the company's definitive proxy statement filed on October 18, 2024.
In addition to the stock plan amendment, the election of five directors to serve until the next annual meeting was also on the agenda. Eric A. Brock, Richard M. Cohen, Joseph Popolo, Randall P. Seidl, and Jaspreet Sood were the nominees, all of whom received a majority of votes for their election, with varying numbers of votes withheld and broker non-votes recorded for each candidate.
Stockholders also ratified the selection of Rosenberg Rich Baker Berman, P.A. as the company's independent certified public accountants for the fiscal year ending December 31, 2024, and provided advisory approval of the company's executive compensation.
The company's filing with the SEC on November 18, 2024, confirms these updates. The information in this article is based on the press release statement provided by Ondas Holdings Inc. and does not contain any marketing hype or biased language, focusing solely on the factual content of the SEC filing.
In other recent news, Ondas Holdings reported a challenging Q3 2024, with revenues falling to approximately $1.5 million from $2.7 million in Q3 2023. The company also experienced an increase in operating expenses, leading to an operating loss of $8.7 million.
Despite these setbacks, Ondas secured $14.4 million in orders for its military technology platforms and received a strategic order from Siemens (ETR:SIEGn) for Chicago's Metra rail system.
The company expects a substantial revenue growth in Q4 2024 and into 2025, supported by a maturing customer pipeline and increased military and rail market engagement. Ondas is also preparing for increased production capacity and marketing efforts for its Iron Drone and Optimus systems.
In addition, Ondas raised an additional $15 million in financing and plans to improve cash efficiency. The company's management remains optimistic about complying with NASDAQ's minimum bid price requirement and expects to provide an update soon. These are recent developments that investors should monitor closely.
InvestingPro Insights
Ondas Holdings Inc.'s recent amendment to its stock incentive plan comes at a challenging time for the company, as revealed by InvestingPro data. The company's market capitalization stands at a modest $50.91 million, with its stock price experiencing significant declines across various timeframes. Most notably, ONDS has seen a 55.9% year-to-date price decline and a 26.31% drop in the past month alone.
InvestingPro Tips highlight several areas of concern for potential investors. The company is currently operating with a significant debt burden and is quickly burning through cash. This financial strain is further emphasized by the fact that Ondas' short-term obligations exceed its liquid assets. Additionally, analysts anticipate a sales decline in the current year, with the company not expected to be profitable this year.
These insights provide context to the company's decision to increase its stock incentive plan, possibly as a means to attract and retain talent during a period of financial challenges. Investors considering ONDS should note that InvestingPro offers 13 additional tips for a more comprehensive analysis of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.