By Chris Wack
Guardforce AI Co. shares were down 5% to $3.96 after the company said it priced its underwritten public offering of 3.6 million units, with each unit consisting of one ordinary share and one warrant to purchase one share at $4.15 a unit.
The company said it expects to see proceeds of $15 million.
The shares and warrants are immediately separable and will be issued separately. The company has granted the underwriters a 45-day option to purchase up to an additional 542,000 shares and/or warrants to purchase up to 542,000 shares at the public offering price less the underwriting discounts.
The offering is expected to close on or about Friday.
Each warrant is exercisable for one ordinary share at an exercise price of $5.1875 a 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.
Write to Chris Wack at firstname.lastname@example.org
Trading has been rocky this month, and investors are looking ahead to October.
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By Chris Wack