TL;DR:
- Guardforce AI, a global security solutions provider, is expanding into an integrated AI and Robot-as-a-Service (RaaS) business.
- They announced the pricing of an underwritten public offering of 1,720,430 ordinary shares.
- The offering is priced at $4.65 per share, aiming to raise approximately $8.0 million in gross proceeds.
- The underwriters have the option to purchase an additional 258,064 shares to cover over-allotments.
- The offering is expected to close on May 5, 2023, subject to customary closing conditions.
- EF Hutton is the lead book-running manager, and Spartan Capital Securities is the co-manager for the offering.
- The shares are being offered under a “shelf” registration statement on Form F-3.
- Interested parties can obtain the prospectus supplement and accompanying prospectus from the SEC’s website or EF Hutton.
- This press release does not constitute an offer to sell or solicit an offer to buy securities without proper registration or qualification.
Main AI News:
Guardforce AI, a leading global security solutions provider, is making significant strides in its transformation into an integrated AI and Robot-as-a-Service (RaaS) business while leveraging its strong foundation in secured logistics. With over 40 years of expertise and a loyal customer base, Guardforce AI is developing RaaS solutions that enhance operational efficiency, establishing its presence in the Asia Pacific region and beyond.
Today, Guardforce AI Co., Limited, an integrated security provider specializing in secured logistics, AI, and RaaS, announced the pricing of its underwritten public offering of 1,720,430 ordinary shares, with a par value of $0.12 per share. These Ordinary Shares will be offered at a public price of $4.65 per share, resulting in total gross proceeds of approximately $8.0 million, subject to underwriting discounts and other offering expenses. Furthermore, the Company has granted the underwriters a 45-day option to acquire up to an additional 258,064 ordinary shares at the public offering price, less any underwriting discounts, to cover over-allotments, if necessary. The closing of the offering is anticipated on May 5, 2023, subject to customary closing conditions.
EF Hutton, a division of Benchmark Investments, LLC, has been appointed as the lead book-running manager for the offering, while Spartan Capital Securities, LLC will act as the co-manager.
Guardforce AI is offering the ordinary shares in accordance with a “shelf” registration statement on Form F-3 (File No. 333-261881), which was declared effective by the U.S. Securities and Exchange Commission (SEC) on January 5, 2022, along with the accompanying prospectus.
This public offering will be conducted through a prospectus supplement and accompanying prospectus. Interested parties can access the prospectus supplement and accompanying prospectus, describing the terms of the offering, on the SEC’s website at http://www.sec.gov or by contacting EF Hutton, division of Benchmark Investments, LLC, Syndicate Department, at 590 Madison Avenue, 39th Floor, New York, NY 10022. They can also reach out via email at [email protected] or by phone at (212) 404-7002.
It’s important to note that this press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities mentioned herein. Any sale of these securities in a state or jurisdiction where such an offer, solicitation, or sale would be unlawful is strictly prohibited without prior registration or qualification under the securities laws of that state or jurisdiction.
Conlcusion:
Guardforce AI’s successful pricing of the underwritten public offering of its ordinary shares signifies a positive development for the market. The offering, aimed at raising approximately $8.0 million in gross proceeds, demonstrates investor confidence in the Company’s integrated AI and Robot-as-a-Service (RaaS) business model.
This infusion of capital will enable Guardforce AI to further expand its operations and enhance its presence in the global security solutions market, particularly in the Asia Pacific region. The offering’s strong response also indicates a growing interest in the intersection of technology and security, highlighting the potential for continued innovation and market growth in this sector.
