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Thursday, May 19, 2022

Minimum Bid Price Notice: Guardforce AI Co., Ltd. (GFAI) Stock Plummeted in After Hours.

Guardforce AI Co., Ltd. (GFAI) is an innovative developer of security systems for guarding and transporting the high-value possessions of different businesses. The company is engaged in the development of innovative technologies for enhancing safety and protection.


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GFAI stock price during the regular trading of March 16, 2022, ascended by 5.96% to be $1.02. Its price plunged at the time of writing in the aftermarket session by 6.86%.

GFAI: Events and Happenings

On March 16, 2022, GFAI reported the receipt of the least bid price notice from the Nasdaq on March 9. The company was listed non-compliant with the NASDAQ Listing Rule 5550(a)(2) obligations for continued listing. Its ordinary shares’ closing bid price remained less than $1.00 per share for 30 consecutive days.

On March 11, 2022, GFAI updated on its entry into a definitive contract for the earlier proposed purchase of Shenzhen Keweien Robot Service Co. and Guangzhou Kewei Robot Technology Co. This procurement is estimated to serve an essential part in the growth of the company’s robotics as a service business plan. This expected closure of the acquisition is April 2022.

On March 1, 2022, GFAI announced its entry into a strategic collaboration with SBC Global Holdings Inc. to enable the company a speedy entry into the US markets with its Robo-tech solutions.

GFAI: Key Financials

On December 17, 2021, GFAI released an interim financial statement for the first half of 2021 ended June 30, 2021. Some important updates are mentioned here.

Revenue

Total revenues in H1 2021 were $18.4 million in comparison to $18.7 million for the comparable half of 2020. Its total revenue declined by $0.32 million YoY.

EPS

Net loss (basic and diluted) during H1 2021 was $1.55 million or $0.09 per share in comparison to $1.57 million or $0.09 in the comparable half of 2020. It noted a surge in its earnings YoY.

Conclusion

GFAI stock plummeted by 12% year-to-date. The current aftermarket decline in the stock price of the company is the outcome of receipt of minimum bid price notification from the NASDAQ.

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