The company completes private equity financing and debt conversion.Total transaction amount is $5 million
Company extends maturity of $12 million debt facility to January 2026
Greensboro, North Carolina, April 1, 2024–(BUSINESS WIRE)–Guerrilla RF, Inc. (“Guerrilla” or the “Company”) (OTCQX: GUER), a leading provider of cutting-edge RF and microwave semiconductors, announced today that it has provided private equity financing to Approximately 2 million shares of stock will be sold and, in conjunction with this sale, stock acquisition rights will be issued to purchase up to 2 million shares of the Company's common stock. The aggregate offering price and associated warrants per share sold in the private placement to accredited investors was $2.50. The exercise price of the stock acquisition rights is $2.50 per share and the term is five years. This private placement resulted in total net proceeds to the Company of approximately $2.9 million, after deducting fees and expenses associated with the transaction and a $1.5 million reduction in outstanding debt due to debt-to-equity conversion.
In connection with the capital raising, the Company's principal lender extended the maturity of its $12.0 debt facility from April 2024 to January 2026 to enable the Company to continue executing on its strategic plan.
“The proceeds from this capital raise will allow us to reach EBITDA break-even, accelerate growth through new market penetration, and meet our working capital needs while leveraging our strong competitive position,” Ryan said. We look forward to supporting their research and development efforts.” Pratt, founder and CEO of Guerrilla RF.
The Benchmark Company, LLC acted as the sole introducing agent for this product. The Kestrel Merchant Partners group of The Benchmark Company, LLC was responsible for procuring and executing this service. Brooks, Pierce, McLendon, Humphrey & Leonard, LLP served as our legal advisor. Faegre, Drinker, Biddle & Reath, LLP served as legal advisor to The Benchmark Company, LLC.
The securities described above are being offered and sold in private placements pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”) and Regulation D promulgated thereunder. Underlying common stock was also issued. These warrants have not been registered under the Act or any applicable state securities laws. Accordingly, the common stock, warrants and shares underlying the common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the laws and applicable state securities registration requirements. I can not do it. law.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, and does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, and does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, and does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, and does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein. , no sale of these securities shall be made. Prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Guerrilla RF Co., Ltd.
Founded in 2013, Guerrilla RF, Inc. provides high-performance, cutting-edge radio frequency (RF) and microwave semiconductors for wireless OEMs in multiple high-growth market segments, including 5G/4G network infrastructure. Developed and manufactured. Macro and small cell base stations, SATCOM, cellular repeaters/DAS, automotive telematics, military communications, navigation, and high-fidelity wireless audio. The company has an extensive portfolio of over 100 high-performance RF and microwave semiconductor devices, with over 50 new products in development. One of the industry's fastest-growing semiconductor companies, Guerrilla RF drives innovation from research and development to commercialization efforts, delivering superior products and products for underserved markets. We focus on custom solutions. The company has shipped more than 200 million devices to date and has been repeatedly named to Inc. Magazine's annual “Inc. 5000” list. Guerrilla RF recently topped the “Inc. 500” list for the second year in a row. For more information, please visit https://guerrilla-rf.com or follow us on our website. twitter And LinkedIn.
Forward-looking statements
This press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which inherently involve risks and uncertainties. Accompanying. Forward-looking statements include predictions, projections, expectations and beliefs about future events or results, but are not other statements of historical fact. Such statements often include the use of modifiers such as “expects,” “believes,” “estimates,” “plans,” “plans,” “anticipates” (and derivatives thereof), and the like. , or other statements of opinion or judgment. Report future events to the Company and its management. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and assumptions that are difficult or impossible to predict and, in some cases, are beyond our control. Actual results may differ materially from those contained in the forward-looking statements as a result of a number of factors, including those described in the Company's filings with the SEC, which are available at www.sec.gov . Forward-looking statements speak only as of the date on which they are made. We undertake no obligation to revise or update the information in this release to reflect future events or circumstances, even if new information becomes available.
View source version on businesswire.com. https://www.businesswire.com/news/home/20240401570783/ja/
contact address
Sam Funchess, Vice President of Corporate Development
ir@guerrilla-rf.com
+1 336 510 7840
