Shares of integrated security solutions provider Guardforce AI Co Ltd (NASDAQ:GFAI) are surging Friday after the company agreed to acquire Shenzhen Keweien and Guangzhou Kewei for $10 million.
The acquisition is expected to serve an integral role in the growth of Guardforce AI's robotics as a service (RaaS) business initiative.
The $10 million purchase price will be paid with 10% cash and 90% restricted ordinary shares. The acquisition is expected to close by the end of April.
Guardforce AI reiterated its 2022 full-year revenue expectations of $55 million to $60 million, representing growth of more than 66% year-over-year.
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GFAI 52-Week Range: $0.30 - $7.65
Guardforce Shares were up 123% at $1.20 at time of publication.
