GFAI - Guardforce AI acquires SBC Global for planned U.S. expansion

Guardforce AI (NASDAQ:GFAI) trades 1.3% higher premarket after it announced its proposed U.S. expansion plans with the acquisition of New Jersey-based SBC Global; Robert Shiver, Chairman and CEO of SBC, will continue to lead the firm. The proposed acquisition is expected to be completed by Jan.31, 2022 and will enable the company to deploy its roll out of additional robotic and technology solutions in U.S. and Canada. The purchase price is expected to be one times SBC's 2021 audited total assets, which the parties expect to be ~$2M; it will be paid in a mix of cash (10%) and company equity (90%). The parties expect to value the equity portion of the purchase price based on a price of $4.20/share; equity portion of purchase price will be subject to vest over a 2-year period and locked-up until vested. SBC offers robotic Technology-as-a-Service to customers and clients in the educational, residential, healthcare, and transportation sectors in the U.S and has offices in New Jersey and New

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Guardforce AI acquires SBC Global for planned U.S. expansion