Ondas Holdings (ONDS) said Monday it priced a public offering of 19.56 million shares and pre-funded warrants to buy up to 17.4 million shares to raise gross proceeds of $425 million.

Each of the 36.96 million common stock equivalents is being sold with a warrant to purchase two shares of common stock, the company said.

Each share and accompanying warrant is being sold at a combined offering price of $11.50, and each pre-funded warrant and accompanying warrant is being sold at a combined price of $11.50, the company said

The common stock warrants have an exercise price of $20 per share and require shareholder approval to increase authorized shares, the company said.

Ondas said the offering price represents a 16% premium to Friday's closing price and a 65% premium to its one-month volume-weighted average price.

The company plans to use proceeds for corporate development and strategic growth, including acquisitions, joint ventures, and investments.

Ondas' shares were 14% higher in recent trading.

Price: 11.10, Change: +1.19, Percent Change: +12.01