- Guardforce AI Co Ltd (NASDAQ:GFA) shares are plunging Wednesday premarket as it priced an underwritten public offering of 1.72 million ordinary shares at a public offering price of $4.65 per share.
- The offer price represents a 60% discount to the company’s closing price on May 2, 2023.
- The aggregate gross proceeds is expected to be about $8.0 million before deducting underwriting discounts and other offering expenses.
- In addition, the company has granted the underwriters a 45-day option to purchase up to an additional 258,064 ordinary shares at the public offering price.
- The offering is expected to close on May 5, 2023.
- Guardforce AI is an integrated security provider specializing in secured logistics, AI and Robot-as-a-Service (RaaS). The stock has soared in recent months amid a surge in popularity in AI-related names.
- Price Action: GFAI shares traded lower by 59.4% at $4.74 premarket Wednesday. The stock closed lower by 19.6% at $11.69 on Tuesday.
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