GFAI - Guardforce AI to acquire 12 additional robotic companies in China

Guardforce AI (NASDAQ:GFAI) rallies 8.2% higher premarket after it signed a supplemental LOI with Shenzhen Kewei Robot Technology for acquiring an additional twelve robotics companies. The total deal value of the target acquisitions is $18M based on one-time projected average revenues for the twelve companies over the next 5 years. The acquisition is expected to be paid for with a combination of cash (10%) and restricted ordinary shares (90%) at the earlier agreed price of $2/share. Acquisition is expected to close in 2H22. The twelve robotics companies are among the leading providers of Robotics-as-a-Service solutions within their respective markets in China and bring established customers and management teams. This follows the earlier announced definitive agreement to acquire seven robotics companies in China.

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Guardforce AI to acquire 12 additional robotic companies in China