HTFL’s Client EF Hutton, division of Benchmark Investments, LLC, Successfully Closed Guardforce AI Co., Limited’s Underwritten Public Offering and Exercise of Full Over-Allotment Option

May 16, 2023

Louis Taubman

Guillaume de Sampigny

Charles Tan

Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ: GFAI, GFAIW), is an integrated security provider specializing in secured logistics, AI and Robot-as-a-Service (RaaS).

On May 15, 2023, the Company announced the closing of its underwritten public offering of 2,580,600 ordinary shares, par value $0.12 per share (the “Ordinary Shares”) at a public offering price of $4.65 per share (the “Offering”). The underwriters exercised their over-allotment option in full for an additional 387,090 ordinary shares at the time of the closing of the Offering. As a result, the aggregate gross proceeds of the Offering, including the over-allotment, are approximately $13.8 million, prior to deducting underwriting discounts and other offering expenses.

EF Hutton, division of Benchmark Investments, LLC, acted as the lead book-running manager for the Offering. Spartan Capital Securities, LLC acted as the co-manager for the Offering. Hunter Taubman Fischer & Li LLC (“HTFL”) acted as counsel to the underwriters.

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