Guardforce AI Co., Limited (GFAI) stock surged in the pre-market values at $1.20, gaining more than 5% from the previous close after announcing public offering. GFAI stock closed at $1.14 at the end of the last trading session with a trading volume of 20.45 million.
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Financial Industry Overview
The financial industry consists of services related to financial activities such as borrowing, insurance and brokerage, investment management, funds transfer services, and payments. Generally, they are classified as a consumer and corporate finances. They mainly get their revenues from services such as lending fees and interests, transactions charges, or commissions.
After adopting EMV technology, financial companies have been seeing massive growth in the payment market. It has been the key variable in the growth of the payment market. EMV chip and PIN cards have a higher level of data security, which has been a key driver in consumer trust. It has seen a massive level of trust gain in consumers compared to the conventional magnetic stripe cards. The chip contains all the consumer information and is secured via hardware and software measures.
Economists have forecasted that the global financial services market size should grow at a compound annual growth rate of 9.9%, according to the 2020 data. In 2020, the market was worth around $20.4 trillion and was expected to reach $25 trillion by 2025.
GFAI: Purchase Agreement
Guardforce AI Co., Limited (GFAI) announced entering into a purchase agreement worth $10 million of its common stock shares with several institutional investors.
According to the deal, the company has sold around 8.7 million of its common stock shares at the price of $1.15 per share.
The company intends to use the proceeding for different general and administrative expenses or use it as working capital. The total amount of the proceedings is approximately $10 million. The company has also announced the closing price of the offer, which is April 8, 2022.
Being a player in the financial sector, the company could grow in the industry. Using their channels the right way could grab significant revenue in the growing financial sector.