Shares of integrated security provider Guardforce AI Co. (NASDAQ:GFAI) are tanking at the time of publishing today after the company announced an underwritten public offering.
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The offer includes ~1.72 million ordinary shares at a price of $4.65 apiece. The $8 million offer is expected to close on May 5. The company has also given a 45-day option to underwriters to acquire a further 258,064 shares at the offer price as well.
Importantly, the public offer is priced at a steep discount to the stock’s last closing price of $11.69. Consequently, the move has impacted investor sentiment toward the stock.
After tanking 22% over the past five sessions, Guardforce shares are down a further 59% at the time of publishing today. At the same time, short interest in the stock still remains high at nearly 20% at present.
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