- Guardforce AI Co Ltd GFAI expands its Robotics as a Service (RaaS) offering with the proposed acquisition of Shenzhen Keweien Robot Service Co., Ltd (SZ) and Guangzhou Kewei Robot Technology Co., Ltd. (GZ).
- SZ and GZ derive revenues from AI robotic services which automate repetitive tasks.
- The purchase price to be based upon a valuation that is equal to 0.55-times five years projected average revenue for both the acquired companies, estimated to be $10 million and will be paid in a mix of cash (10%) and shares (90%) at a price per share $4.20.
- The company expects to complete the acquisition by the end of February 2022.
- Guardforce AI held cash and equivalents of $9.4 million as of June 30, 2021.
- Price Action: GFAI shares are trading higher by 6.60% at $1.13 during the premarket session on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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