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Benzinga
Benzinga
Business
Akanksha Bakshi

Guardforce AI Inks Definitive Deal To Acquire Shenzhen Keweien & Guangzhou Kewei

Guardforce AI
  • Guardforce AI Co Ltd (NASDAQ:GFAI) (NASDAQ:GFAIW) has signed the definitive agreement of the previously proposed acquisition of Shenzhen Keweien Robot Service Co., Ltd (SZ) and Guangzhou Kewei Robot Technology Co., Ltd (GZ).
  • The acquisition purchase price of $10 million will be paid in a mix of cash (10%) and restricted ordinary shares of the company (90%).
  • The company expects the acquisition to serve an integral role in the growth of Guardforce AI's robotics as a service (RaaS) business initiative.
  • Related: Guardforce AI Expands Robotics As A Service To China's Greater Bay Area
  • The company expects the transaction to be closed by the end of April 2022. The acquired companies are based in the Greater Bay, focused on the hospitality, healthcare, property management, and government sectors.
  • Guardforce reiterated its FY22 revenue expectations of $55 million-$60 million, representing growth of +66% as compared to FY21.
  • Price Action: GFAI shares are trading higher by 60.6% at $0.88 during the premarket session on Friday.
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