Why Guardforce AI (GFAI) Shares Are Plunging Today - Guardforce AI Co (NASDAQ:GFAI)

Guardforce AI Co Ltd GFA shares are plunging Wednesday premarket as it priced an underwritten public offering of 1.72 million ordinary shares at a public offering price of $4.65 per share.
The offer price represents a 60% discount to the company’s closing price on May 2, 2023.
The aggregate gross proceeds is expected to be about $8.0 million before deducting underwriting discounts and other offering expenses.
In addition, the company has granted the underwriters a 45-day option to purchase up to an additional 258,064 ordinary shares at the public offering price.
The offering is expected to close on May 5, 2023.
Guardforce AI is an integrated security provider specializing in secured logistics, AI and Robot-as-a-Service (RaaS). The stock has soared in recent months amid a surge in popularity in AI-related names.
Price Action: GFAI shares traded lower by 59.4% at $4.74 premarket Wednesday. The stock closed lower by 19.6% at $11.69 on Tuesday.

Why Guardforce AI Shares Are Plunging Today