Guardforce AI Announces Closing of Underwritten Public Offering and Exercise of Full Over-Allotment Option

Guardforce AI Co., Limited, an integrated security provider specializing in secured logistics, AI and Robot-as-a-Service (RaaS), announced the closing of its underwritten public offering of 2,580,600 ordinary shares, par value $0.12 per share (the “Ordinary Shares”) at a public offering price of $4.65 per share (the “Offering”). The underwriters exercised their over-allotment option in full for an additional 387,090 ordinary shares at the time of the closing of the Offering. As a result, the aggregate gross proceeds of the Offering, including the over-allotment, are approximately $13.8 million, prior to deducting underwriting discounts and other Offering expenses.

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EF Hutton, division of Benchmark Investments, LLC, acted as the lead book-running manager for the Offering. Spartan Capital Securities, LLC acted as the co-manager for the Offering.

The ordinary shares were offered by the Company pursuant to a “shelf” registration statement on Form F-3 (File No. 333-261881), which was filed with the U.S. Securities and Exchange Commission (SEC) and declared effective by the SEC on January 5, 2022, and the accompanying prospectus contained therein.

The Offering was being made only by means of a prospectus supplement and accompanying prospectus. The final prospectus supplement and accompanying base prospectus relating to the securities being offered in the Offering were filed with the SEC on May 15, 2023.

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This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Guardforce AI Co., Ltd. is a global security solutions provider, building on its legacy secured logistic business, while expanding and transforming into an integrated AI and Robot-as-a-Service (RaaS) business.  With more than 40 years of professional experience and a strong customer foundation, Guardforce AI is developing RaaS solutions that improve operational efficiency, quickly establishing its presence in the Asia Pacific region, while expanding globally.

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