Guerrilla RF, Inc.(OTCQX: GUER) (the “Company”), an innovative fabless semiconductor company, today announced the initial closing of its private placement, providing gross proceeds of approximately $5.0 million, not including any additional proceeds that may be received upon further closings or the exercise of warrants.
Accredited investors purchased approximately 3,900,000 units, each unit comprising one share of the Company’s common stock and one warrant to purchase 0.5 of a share of common stock for a purchase price of $1.30 per unit. The warrants have an exercise price of $2.00 per share and a term of five years.
“The successful execution of this offering is a testament to the opportunity that our investors see in the Company,” said Ryan Pratt, Chief Executive Officer and Founder of Guerrilla RF. “Since 2020, we have grown the number of new products launched and also dramatically developed our GPS navigation and IoT Sales. The funds raised through this offering will be used to fund the Company’s new headquarters and also support our continued growth.”
Laidlaw & Company (UK), Ltd. served as the placement agent for the offering. GP Nurmenkari, Inc. (as consulted by Intuitive Venture Partners), served as a selected dealer and Brooks, Pierce, McLendon, Humphrey & Leonard, LLP served as legal counsel for the Company.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state.