6 March 2023
Guerrilla RF completes final closing of $9.2m private placement equity financing
Guerrilla RF Inc (GRF) of Greensboro, NC, USA — a provider of radio frequency (RF) and microwave communication solutions for wireless OEMs — has completed its private placement equity financing, selling about 7.1 million units to accredited investors (each unit comprising one share of the firm’s common stock and one warrant to purchase one half of a share of common stock) for $1.30 per unit. The warrants have an exercise price of $2 per share and a term of five years. The private placement has resulted in aggregate gross proceeds of about $9.2m (including $5m from the initial closing in early January).
“The funds will provide the resources needed to support our working capital, expand our R&D initiatives and accelerate our growth through new market penetration, expand our product offerings, and capitalize on our strong competitive position,” says founder & CEO Ryan Pratt.
“These investments in our expanded design center, lab space and R&D initiatives are expected to translate into future revenue,” he adds. “The strong investor demand is a positive indicator of confidence in our team’s ability to expand into different markets spanning automotive to SATCOM, GPS and infrastructure-related projects.”
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 Guerrilla RF.