Guardforce AI Co Ltd said it has entered into agreements with several accredited investors who are existing holders of its private warrants, raising gross proceeds of $1.33 million.
The investors agreed to exercise 5,581,918 outstanding warrants to purchase a total of 5,581,918 ordinary shares for cash, at an exercise price that the company reduced to $0.238 per share from $1.15 per share.
The gross proceeds of the exercise of the existing warrants are expected to be around $1.33 million and the net proceeds of the exercise, after deducting estimated expenses and fees, are expected to be around $1.23 million.
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In consideration for the immediate exercise of the warrants for cash, the company will issue one-half of an ordinary share for each warrant exercised. As a result, the exercising holders will receive approximately 2,790,959 ordinary shares. These warrants were previously issued in a private placement, which closed in January, 2022.
Guardforce is a global integrated security solutions provider that is focused on developing robotic solutions and information security services that complement its well-established secured logistics business.
Contact the author at jon.hopkins@proactiveinvestors.com