Guardforce AI plunges on stock offering

Guardforce AI

02/05/2023 22:28

** Guardforce AI Co's  GFAI.O  shares plunge >50%
post-market as Thailand-based security firm looks to raise
equity
    ** Co commences stock offering with EF Hutton, division of
Benchmark Investments, as lead bookrunner
    ** Offering size not disclosed
    ** GFAI's shares on Tues closed down 19.7% at $11.69
    ** Co has ~1.62 mln shares outstanding for roughly $19 mln
market cap, per Refinitiv data
    ** GFAI last month reported 2% rev decline to $34.5 mln and
wider loss of ~$19 mln in 2022
    ** Shares this year have traded in range of $3.81 (Mar) to
$36.90 (Apr) amid retail investor interest in AI-related names,
sparked by Microsoft's  MSFT.O  multi-billion investment in
OpenAI

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))