Guardforce AI Enters into Warrant Exercise Transaction for $1.33 Million in Gross Proceeds

New York, NY, July 12, 2022 (GLOBE NEWSWIRE) -- Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ:GFAI, GFAIW), an integrated security solutions provider, announced today that it has entered into agreements with several accredited investors that are existing holders of its private warrants, wherein the investors agreed to exercise 5,581,918 outstanding warrants (the “Existing Warrants”) to purchase an aggregate of 5,581,918 ordinary shares for cash, at an exercise price reduced by the Company from $1.15 per share to $0.238 per share. In consideration for the immediate exercise of the Existing Warrants for cash, the Company will issue one-half (1/2) of an ordinary share (the “Share Consideration”) for each warrant exercise. As a result, the exercising holders will receive approximately 2,790,959 ordinary shares. These Existing Warrants were previously issued in a private placement, which closed in January 2022.