18 November 2021
Guerrilla RF raises extra $4.4m in subsequent closings of private placement
Guerrilla RF Inc (GRF) of Greensboro, NC, USA has raised an additional $4.4m in subsequent closings of its private placement offering.
In October, Guerrilla RF completed a reverse merger (with Laffin Acquisition Corp) and the initial closing of its private placement offering in which it raised over $7m in gross proceeds. The additional closings bring total gross proceeds to over $11.5m. The firm plans to pursue the listing of its common stock on the OTC Markets QB tier.
Founded in 2013, Guerrilla RF is a supplier of monolithic microwave integrated circuits (MMICs) that target wireless infrastructure applications, including 5G and automotive. The firm has a well-established revenue stream, with 2020 sales totaling $8.09m. Despite the disruption caused by COVID-19, Guerrilla RF’s sales have grown by 990% over the past three years.
“This additional capital will allow us to further accelerate our growth and expand our product offerings,” says founder & CEO Ryan Pratt.
Guerrilla RF is currently expanding its R&D operations to a new 50,000ft2 facility in Greensboro. The new location will provide the firm with room to expand operations and substantially increase its headcount over the next two years.
Guerrilla RF has a portfolio of over 95 high-performance radio frequency (RF) and microwave semiconductor devices. The existing product line includes ultra-low-noise amplifiers, gain blocks, driver amplifiers, mixers, RF switches, and linear PAs (power amplifiers) – the building blocks for mission-critical, performance-driven wireless applications, including 5G wireless infrastructure, cellular repeaters/boosters, and automotive telematics.
The private placement offering was orchestrated by GP Nurmenkari Inc (as consulted by Intuitive Venture Partners), which served as the exclusive placement agent. The Benchmark Company LLC served as sub-agent. Montrose Capital Partners was the sponsor for the transaction. Mark Tompkins and Jeffrey Shealy were lead investors in the offering.