Guardforce Ai Co - GFAIW STOCK NEWS

Guardforce AI Co., Limited has closed its underwritten public offering, raising approximately $9.2 million. The offering consisted of 1,720,430 ordinary shares at a price of $4.65 per share. The underwriters exercised their over-allotment option, adding an additional 258,064 ordinary shares.

Guardforce AI Co., Limited has announced the commencement of an underwritten public offering. The offering is being made by means of a prospectus supplement and accompanying prospectus. EF Hutton is acting as the lead book-running manager for the offering, and Spartan Capital Securities is acting as the co-manager. The ordinary shares are being offered pursuant to a 'shelf' registration statement on Form F-3 that was declared effective by the SEC on January 5, 2022.

Guardforce AI Co., Limited announced financial results for 2022. Despite a slight decrease in revenue of less than 2.0% due to COVID-19, the robotic AI segment revenue grew by 245.1%. The company secured a 5-year contract with the Bank of Thailand and two long-term contracts with pre-existing clients in Thailand. They expanded into mainland China through acquisitions and acquired key assets from Shenzhen Kewei Robot Technology Company. Guardforce AI is focusing on expanding their RaaS solutions and has made progress in developing the Guardforce AI Intelligent Cloud Platform. They also launched the AIoT Robot Advertising model and the Smart AI Hotel solution. The company expects to resume strong organic revenue growth in 2023.

Guardforce AI Co., Limited (NASDAQ:GFAI, GFAIW) reported its financial results for the year ending December 31, 2022, highlighting a net revenue decrease of 1.9% to $34.5 million due to COVID-19 disruptions. However, the robotic AI segment saw a remarkable growth of 245.1%. The company continued to diversify its secured logistics services, securing a 5-year contract with the Bank of Thailand and other long-term agreements in the retail and tollway sectors. Financially, the gross profit margin improved from 11.6% to 12.3%. Nonetheless, operational challenges led to a significant rise in operating loss to $16.9 million, up from $3.7 million in 2021. Guardforce AI's net loss reached $18.7 million, and cash reserves decreased to $8.2 million. The company aims for stronger organic growth and expansion of its Robotics-as-a-Service (RaaS) platform in 2023.

Guardforce AI Co. (NASDAQ: GFAI, GFAIW) has announced a new contract with a local government office in Macau to deploy its Artificial Intelligence of Things (AIoT) Robot Advertising model on approximately 165 robots for 20 weeks. This innovative advertising model allows advertisers to utilize data from the Guardforce AI Intelligent Cloud Platform to enhance marketing strategies. With over 400 robots currently in Macau, Guardforce AI aims to leverage the increased tourism and event traffic following the easing of COVID-19 restrictions to promote various events. CEO Olivia Wang expressed optimism about growth opportunities through this model.

Guardforce AI has acquired certain robot business assets from Shenzhen Kewei Robot Technology for USD $2.1 million. The acquisition enhances Guardforce AI's Robot-as-a-Service (RaaS) capabilities and expands its geographic reach in China. It includes equipment, client relationships, related sales channels, and patent rights, which will strengthen the company’s AI capabilities. The deal was finalized on February 15, 2023, and payment will now be made with 262,500 restricted ordinary shares at $8.00 per share post a reverse stock split. This strategic move is expected to boost growth in various sectors, including tourism.

On February 2, 2023, Guardforce AI (NASDAQ: GFAI, GFAIW) completed a 1-for-40 reverse stock split, reducing its shares from approximately 64.8 million to about 1.6 million. This decision followed shareholder approval at an extraordinary general meeting on January 31, 2023. The reverse split is set to take effect on February 10, 2023, without altering the trading symbols of the company's ordinary shares and warrants. Fractional shares will be repurchased by the Company for cash based on the fair value on the first trading date post-split. This strategic move aims to improve the company's stock price and reduce the number of outstanding shares.

Guardforce AI Co., Limited (NASDAQ: GFAI, GFAIW) announced securing two long-term contracts through its subsidiary, Guardforce Cash Solutions Security (Thailand). The first contract, a 5-year agreement with Don Muang Tollway Public Company, involves managing cash handling services and Guardforce Deposit Machines at toll plazas. The second is a 3-year contract with a retail chain for cash services at 326 stores in northern Thailand. These contracts, starting Q1 2023, reinforce the company's strong market position and growth potential in secured logistics and cash handling in Thailand, especially post-pandemic.