NEW YORK, NY, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ: GFAI, GFAIW), an integrated security provider specializing in secured logistics, Artificial Intelligence (AI) and Robot-as-a-Service (“RaaS”), is pleased to announce that it has completed the conversion of the Company’s $13.4 million of debt and $2.5 million of accrued and unpaid interest in exchange for 2,947,150 restricted ordinary shares at $5.40 per share on October 24, 2023. The conversion price represents an approximately 75% premium to yesterday’s closing price.
Lei (Olivia) Wang, Chairwoman and Chief Executive Officer of Guardforce AI, stated, “This debt-to-equity conversion is a strategic move to further strengthen our balance sheet as we continue to enhance and develop our robotic solutions and support our well-established secured logistics business. The lender has been our long-term partner since the Company's inception and has consistently supported our business development efforts. With the conversion price set at a substantial premium to our current share price, we believe this transaction further demonstrates the lender’s confidence in our business outlook. Additionally, this opportunity was in the best interests of our shareholders as we have now preemptively addressed and satisfied next year’s large debt maturity while meaningfully reducing our overall leverage. We raised approximately $23 million gross proceeds in the first half of 2023 and we remain very excited about the prospects for the business.”
About Guardforce AI Co., Ltd.
Guardforce AI Co., Ltd. (NASDAQ: GFAI, GFAIW) is a global security solutions provider, building on its legacy secured logistic business, while expanding to 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. For more information, visit www.guardforceai.com Twitter: @Guardforceai
Safe Harbor Statement
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David Waldman or Natalya Rudman
Crescendo Communications, LLC
Guardforce AI Corporate Communications