Guerrilla RF Announces Reverse Stock Split in Preparation for a Proposed Uplisting to a National Exchange

Rhea-AI Summary

Guerrilla RF, Inc. announces a one-for-six reverse stock split, effective at 12:01 a.m. (EDT) on April 17, 2023. This move aims to facilitate the uplisting of its stock to a national securities exchange by meeting price requirements. The reverse split was approved by the board and shareholders on April 5, 2023. Post-split, every six shares will convert into one share, with no impact on ownership percentages. Following the split, the stock will trade under the temporary symbol “GUERD” on OTCQX. The Vice President of Investor Relations, Sam Funchess, stated that this uplisting aims for enhanced access to capital, improved liquidity, and increased brand visibility, aligning with the company’s growth strategy in high-demand sectors like 5G and automotive connectivity.

Positive

• The reverse stock split enables Guerrilla RF to meet listing requirements for a national exchange.
• Uplisting is expected to enhance access to capital and improve liquidity.
• Focus on expanding product pipeline in high-growth sectors such as 5G and automotive connectivity.

Negative

• None.

The Company enacts a one-for-six reverse stock split as the next step in the process of uplisting its stock on a national securities exchange

GREENSBORO, N.C.--(BUSINESS WIRE)-- Guerrilla RF, Inc. (OTCQX: GUER), a leading provider of state-of-the-art radio frequency (RF) and microwave communications solutions, announced that it will implement a one-for-six reverse split of its outstanding and authorized common stock, effective at 12:01 a.m. (EDT) on April 17, 2023. Guerrilla RF’s common stock will continue trading under the temporary symbol “GUERD” on a reverse stock-split-adjusted basis on the OTCQX when the market opens on April 17, 2023.

Guerrilla RF announces reverse stock split in preparation for uplisting to a nation exchange. (Graphic: Business Wire)

The reverse stock split was approved by the Company’s board of directors and shareholders on April 5, 2023, for the purpose of filing an application to uplist Guerrilla RF’s common stock to a national exchange. The reverse stock split is intended to fulfill the stock price requirements for initial listing on a national exchange.

“We believe that uplisting to a national securities exchange will allow us greater access to capital, better liquidity, and more visibility for our brand as we embark on the next phase of our commercialization strategy. This coincides with our focus on expanding the depth and breadth of our product pipeline and moving into the highly lucrative industry verticals — 5G, automotive connectivity, cellular boosters and DAS, military radios, and wireless audio. This is an important step in our previously announced capital markets strategy to increase the liquidity and visibility of Guerrilla RF’s common stock and better serve our shareholders,” said Sam Funchess, Vice President of Investor Relations at Guerrilla RF.

On the effective date of the reverse split, every six shares of issued and outstanding common stock will become one share of newly issued and outstanding common stock. The reverse stock split will not affect any shareholder’s ownership percentage of Guerrilla RF. Any fractional shares resulting from the reverse split will be rounded up to the nearest whole share.

About Guerrilla RF, Inc.

Founded in 2013, Guerrilla RF, Inc., develops and manufactures high-performance state-of-the-art radiofrequency (RF) and microwave communication solutions for wireless OEMs in multiple high-growth market segments, that include network infrastructure for 5G/4G macro and small cell base stations, cellular repeaters/DAS, automotive telematics, military communications, navigation, and high-fidelity wireless audio. The Company has an extensive portfolio of 100+ high-performance RF and microwave semiconductor devices with 50+ new products in development. As one of the fastest-growing semiconductor firms in the industry, Guerrilla RF drives innovation through its R&D to commercialization initiatives and focuses on product excellence and custom solutions to underserved markets. To date, the Company has shipped over 150 million devices and has repeatedly been included in Inc. Magazine’s annual "Inc. 5000" list. Guerrilla RF recently made the top "Inc. 500" list for the second year in a row. For more information, please visit https://guerrilla-rf.com or follow the Company on Twitter and LinkedIn.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which statements are inherently subject to risks and uncertainties. Forward-looking statements include projections, predictions, expectations, or beliefs about future events or results, or otherwise are not statements of historical fact. Such statements are often characterized by the use of qualifying words (and their derivatives) such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” or other statements concerning opinions or judgments of the Company and its management about future events. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company's control. Actual results may differ materially from those in the forward-looking statements as a result of several factors, including those described in the Company's filings with the SEC, available at www.sec.gov. Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230414005427/en/

Sam Funchess, VP of Investor Relations

sfunchess@guerrilla-rf.com

+1 336 510 7840

Source: Guerrilla RF, Inc.

FAQ

What is the purpose of Guerrilla RF's reverse stock split?

The reverse stock split is meant to meet stock price requirements for uplisting Guerrilla RF's stock to a national exchange.

When will Guerrilla RF's reverse stock split take effect?

The reverse stock split will take effect at 12:01 a.m. (EDT) on April 17, 2023.

What will Guerrilla RF's stock symbol be after the reverse split?

After the reverse split, Guerrilla RF's stock will temporarily trade under the symbol 'GUERD' on OTCQX.

How will the reverse stock split affect shareholders of Guerrilla RF?

The reverse stock split will not change the ownership percentage of any shareholder, although their total number of shares will decrease.

What sectors is Guerrilla RF targeting through its commercialization strategy?

Guerrilla RF is focusing on expanding into sectors such as 5G, automotive connectivity, cellular boosters, military radios, and wireless audio.