Guardforce AI Co., Ltd. Announces Pricing of $15 Million Underwritten Public Offering and Nasdaq Listing

Guardforce AI Co., Ltd., an integrated security solutions provider in Asia, today announced the pricing of its underwritten public offering of 3,614,458 units (“Units”), with each unit consisting of one ordinary share, par value $0.003 per share (the “Ordinary Share”) and one warrant (the “Warrant”) to purchase one Ordinary Share at a public offering price of $4.15 per Unit, for aggregate gross proceeds of approximately $15 million, prior to deducting underwriting discounts and other offering expenses and excluding any exercise of the underwriters’ option to purchase any additional securities as described herein. The Ordinary Shares and Warrants contained in the Units are immediately separable and will be issued separately. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 542,168 Ordinary Shares and/or Warrants to purchase up to 542,168 Ordinary Shares at the public offering price less the underwriting discounts. The offering is expected to close on or about October 1, 2021, subject to satisfaction of customary closing conditions.

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The Company has received approval to list its Ordinary Shares and Warrants on The Nasdaq Capital Market, with its Ordinary Shares trading under the symbol “GFAI” and the Warrants trading under the symbol “GFAIW”, with trading expected to begin on September 29, 2021. Each Warrant is exercisable for one Ordinary Share at an exercise price of $5.1875 per share and will expire five years from the date of issuance.

EF Hutton, division of Benchmark Investments, LLC, is acting as sole book-running manager for the offering.

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.

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