Ondas Inc. (NasdaqCM:ONDS) agreed to acquire Mistral, Inc. for approximately $180 million from Shoshana Banai on March 8, 2026. The consideration consists of common equity of Ondas Inc. having a value of $122.5 million to be issued for common equity of Mistral, Inc. Remaining $52.5 million common equity shall be deposited into an escrow account and released as follows: $26.25 million on the first anniversary of the closing of the Merger, $13.125 million on the second anniversary of the closing of the Merger, and $13.125 million on the third anniversary of the closing of the Merger.
Eyal Banai shall be employed as the Chief Executive Officer of the Surviving Entity
The transaction is subject to approval under subject HSR Act and approval of offer by acquirer shareholders. The Merger is expected to close in the second quarter of 2026.
Christina Russo of Akerman LLP acted as legal advisor for Ondas Inc. Allison Alexander and Eric Kronman of Fluet & Associates, PLLC acted as legal advisor for Shoshana Banai. Kathleen Connelly of U.S. Bank National Association acted as agent in the transaction.
Ondas Inc. is a defense, security, and critical infrastructure technology company. Through its business units, Ondas Autonomous Systems (OAS), Ondas Capital, and Ondas Sentinel, it develops and commercializes autonomous systems, and strategic investment and partnership initiatives that support the scaling and adoption of mission-critical solutions for governments and industrial customers. OAS focuses on autonomous and unmanned aerial and ground systems and integrated mission solutions for defense, homeland security, public safety, and other critical infrastructure and industrial end markets. Ondas Capital supports growth strategy through strategic investments, partnerships, and capital formation initiatives. Ondas Sentinel is an operating division unifying its U.S. portfolio of autonomous defense technologies. It combines persistent ISR, counter-UAS, autonomous effects and mission intelligence into a scalable organization built to support larger, more integrated defense programs.
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