Guardforce Shares Jump 120%: Why The Security Stock Is Soaring Today

Shares of integrated security solutions provider Guardforce AI Co Ltd 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.