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Ondas Holdings appoints new interim CFO amid executive shuffle

EditorNatashya Angelica
Published 06/21/2024, 05:38 PM
ONDS
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Ondas Holdings Inc. (NASDAQ:ONDS), a company specializing in radio and TV broadcasting and communications equipment, announced on Thursday the appointment of Neil Laird as the Interim Chief Financial Officer, Treasurer, and Secretary, effective immediately. This management change comes as Yishay Curelaru resigned from his CFO role due to his military service obligations in Israel, though he will continue as CFO of the subsidiary Airobotics Ltd.

Neil Laird, 71, brings extensive financial experience to Ondas Holdings, having provided consulting services to the company since 2021 through AM Consulting. He has also served as the fractional CFO for NovAccess Global Inc. since 2021 and has a history of CFO roles at various technology companies, including Mobileum Inc. and SumTotal Systems, Inc.

Concurrent with Laird's appointment, Ondas Holdings entered into a Services Agreement with AM Consulting. Under this agreement, which was approved as a related party transaction by the Audit Committee of the Board, AM Consulting will provide CFO services for $40,000 per month, along with warrants to purchase 90,910 shares of Ondas common stock at an exercise price of $0.66.

The company disclosed that since the beginning of the year, it has paid AM Consulting $323,162 for consulting services. This corporate update is based on the latest SEC filing by Ondas Holdings. The company's business address is 53 Brigham Street, Unit 4, Marlborough, MA 01752, and it was formerly known as ZEV Ventures Inc. before changing its name in June 2015.

In other recent news, Ondas Holdings Inc. disclosed a decrease in revenues for the first quarter of 2024, falling to $625,000 from $2.6 million in the same period last year. Despite this, the company noted improvements in operating losses and adjusted EBITDA year-over-year. The company's cash position was reported at $14.6 million.

In addition, American Robotics, a subsidiary of Ondas, is making strides in autonomous drone operations and anticipates increased revenue in the latter half of 2024. Furthermore, Ondas has secured strategic partnerships and landmark deals, including an upgraded PTC (NASDAQ:PTC) data radio contract and a first commercial order for the iron-drone platform.

The company also hinted at a potential spin-off of its drone business. These are recent developments that highlight the company's strategic moves amidst a challenging financial period.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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