# Ondas — Capital Time Machine

Ondas Networks became public through a reverse acquisition in 2018. Its later Nasdaq offering should not be mistaken for its first private funding round.

Canonical citation: https://capitaltimemachine.com/private/ondas

Ticker: ONDS
Sector: Wireless & autonomous systems
Public-market route: Reverse acquisition and Nasdaq uplisting
Evidence reviewed: 2026-09-24

## How to use this research

Selected historical funding and listing evidence, not a complete private cap table or live quote. Funding totals, company valuations and per-share prices are different measures. A hypothetical value is not actual sale proceeds; investor access is not established.

## Funding and listing history

### debt — Convertible promissory note

Date: 2017-09-14
Event type: Private debt

A $300,000 convertible note is described in the annual report. Debt principal is not an equity valuation or share price.

Reported capital or financing: $300,000 principal

Source: [2020 Form 10-K](https://ir.ondas.com/all-sec-filings/content/0001213900-21-013984/f10k2020_ondasholdings.htm)
Source location: Acquisition overview; Notes 7–9: financing and 1-for-3 reverse split; public offering.

### merger — Reverse acquisition closes

Date: 2018-09-28
Event type: Public transition

Zev Ventures acquired Ondas Networks and changed its name. This replaced the predecessor’s ticket-resale business with the wireless business.

Source: [2020 Form 10-K](https://ir.ondas.com/all-sec-filings/content/0001213900-21-013984/f10k2020_ondasholdings.htm)
Source location: Acquisition overview; Notes 7–9: financing and 1-for-3 reverse split; public offering.

### facility — Energy Capital facility

Date: 2018-09-28
Event type: Debt financing

The transaction included a loan facility of up to $10 million, subject to conditions; a facility limit is not a completed equity raise.

Reported capital or financing: Up to $10 million facility

Source: [2020 Form 10-K](https://ir.ondas.com/all-sec-filings/content/0001213900-21-013984/f10k2020_ondasholdings.htm)
Source location: Acquisition overview; Notes 7–9: financing and 1-for-3 reverse split; public offering.

### conversion — Promissory notes convert

Date: 2019-09-27
Event type: Debt-to-unit conversion

$10,563,104 of principal and interest converted into 4,225,242 units. Units and associated warrants require a separate basis review.

Source: [2020 Form 10-K](https://ir.ondas.com/all-sec-filings/content/0001213900-21-013984/f10k2020_ondasholdings.htm)
Source location: Acquisition overview; Notes 7–9: financing and 1-for-3 reverse split; public offering.

### split — One-for-three reverse split

Date: 2020-11-13
Event type: Share-basis change

The filing retroactively adjusts historical share and per-share amounts. Do not apply this split twice to already-restated figures.

Source: [2020 Form 10-K](https://ir.ondas.com/all-sec-filings/content/0001213900-21-013984/f10k2020_ondasholdings.htm)
Source location: Acquisition overview; Notes 7–9: financing and 1-for-3 reverse split; public offering.

### offering — Nasdaq-era public offering closes

Date: 2020-12-08
Event type: Follow-on public offering

5 million firm shares at $6. The offering was a public follow-on after the reverse acquisition, not a pre-IPO venture round.

Reported capital or financing: $30 million firm-share gross

Reported price: $6 public offering price

Source: [December 2020 offering announcement](https://ir.ondas.com/press-releases/detail/27/ondas-holdings-inc-announces-pricing-of-30-million)
Source location: 5 million shares at $6 per share; Nasdaq uplisting.

Source: [2020 Form 10-K](https://ir.ondas.com/all-sec-filings/content/0001213900-21-013984/f10k2020_ondasholdings.htm)
Source location: Acquisition overview; Notes 7–9: financing and 1-for-3 reverse split; public offering.

## Documented share calculations

No documented private share-price and conversion model is enabled. Users may enter their own comparable prices; do not infer a per-share entry price from aggregate funding or company valuations.

## Later share adjustments

No separate share-class distribution is modeled.

## Coverage gaps and limitations

- The reviewed filings do not establish a complete original venture-round ladder for Ondas Networks.

- Private placements containing warrants or converted debt are not treated as simple share-price entry points.

- The 2020 reverse split must be reconciled before comparing any earlier per-share price with a modern quote.

Entered prices and later-date share-basis assumptions are unverified. Excludes fees, taxes, dividends, warrants and other distributions; fractional shares are illustrative. Historical investor allocations, minimums and selling rights are not established.

Methodology: https://capitaltimemachine.com/methodology

Research terms: https://capitaltimemachine.com/terms