Guardforce AI (NASDAQ:GFAI) Company Limited, an integrated security solutions provider, revealed that it has entered into a securities purchase agreement with certain institutional investors to purchase approximately $10 million worth of its ordinary shares in a registered direct offering.
Under the terms of the securities purchase agreement, the New York-based company has agreed to sell around 8.7 million shares of its ordinary shares at $1.15 per share.
The gross proceeds from the registered direct offering are estimated to be roughly $10 million, before deducting the placement agent's fees and other estimated offering expenses. The offering is expected to close on or about April 8, 2022, subject to the satisfaction of standard closing conditions.
READ: Guardforce AI expects to generate net revenue of $55M-$60M in 2022
EF Hutton, division of Benchmark Investments LLC, is acting as exclusive placement agent for the offering, said the company.
The offering is being made only by means of a prospectus supplement and accompanying prospectus.
Guardforce AI (NASDAQ:GFAI) recently announced that it expects to generate net revenue of between $55 million to $60 million in 2022, representing growth of more than 66% versus 2021.
The firm revealed that inorganic revenues – from companies expected to be acquired during 2022 – should bring in about $21 million, representing 36% of total net revenue.
The leading integrated security solutions provider is relied on by public and private sector organizations to protect and transport their high-value assets.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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