- Guardforce AI (NASDAQ:GFAI) entered a definitive pact with Shenzhen Kewei Robot Technology Company Ltd to acquire certain of Kewei’s robot business-related assets in China.
- The purchase price for these assets is expected to be ~$2.1M, which will be fully paid in the form of 10.5M restricted ordinary shares of the company based on $0.20/share.
- With the move, Kewei will transfer select equipment assets, client base in the sales pipeline and related sales channels and staff, as well as provide rights to the permanent use of its patents enhancing Guardforce AI’s new Robot-as-a-Service (RaaS) sales and capabilities.
- With the addition, along with the robotic companies Guardforce AI acquired in March of 2022, the company’s total robotic-related revenue across the entire China market is expected to reach ~$12M in 2023, with strong growth projected over the next three years.
- The company expects to complete the acquisition in the first quarter of 2023.
- Shares of GFAI are up 4.1% on Wednesday.