INDO Earth Moving Ltd.

Ondas Inc. acquired 100% of Indo Earth Moving Ltd. for $5,663,398 in cash and 5,493,388 shares, with up to $140 million in contingent stock earn-outs. Indo holds a $140 million tender for military Heavy Engineering Platforms.

Ondas Inc. has acquired INDO Earth Moving Ltd., which was recently awarded a $140 million tender as prime contractor for heavy engineering platforms from a major military customer. The program includes delivery of heavy-tracked engineering vehicles over two years and sustainment support for at least four years.