Guardforce AI Completes Conversion Of $15.91M Of Total Debt And Interest Into Ordinary Shares At $5.40 Per Share
Portfolio Pulse from Benzinga Newsdesk
Guardforce AI Co., Limited (NASDAQ:GFAI) has converted $13.4 million of debt and $2.5 million of accrued and unpaid interest into 2,947,150 restricted ordinary shares at $5.40 per share. The conversion price represents a 75% premium to the previous day's closing price. The move is aimed at strengthening the company's balance sheet and reducing overall leverage.
October 24, 2023 | 12:20 pm
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Guardforce AI's debt-to-equity conversion at a premium price could be seen as a positive sign of the lender's confidence in the company's business outlook. This move also strengthens the company's balance sheet and reduces its leverage.
The conversion of debt into equity at a premium price indicates the lender's confidence in the company's future prospects. This move also strengthens the company's balance sheet by reducing its debt load, which could make the company more attractive to investors.
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