Guardforce AI Co., Limited (NasdaqCM:GFAI) and Shenzhen GFAI Robot Technology Co., Limited entered into an agreement to acquire Certain robot-related business assets of Shenzhen Kewei Robot Technology Co., Limited for $2.1 million on December 21, 2022. The acquisition includes the transfer of certain equipment, clients in the sales pipeline, related sales channels and staff, as well as rights to the permanent use of its patents. Customers for the acquired business span various industries, such as restaurants, hotels, and office buildings, including Fortune 500 companies. Additionally, the acquired rights to patents are expected to further enhance Guardforce AI's capabilities in RaaS development, which complement the Company's advanced AI capabilities. The deal is expected to complete in the first quarter of 2023, subject to customary closing conditions.

Guardforce AI Co., Limited (NasdaqCM:GFAI) and Shenzhen GFAI Robot Technology Co., Limited completed the acquisition of Certain robot-related business assets of Shenzhen Kewei Robot Technology Co., Limited on February 15, 2023. The acquisition was originally expected to be paid fully in the form of 10,500,000 restricted ordinary shares of Guardforce AI based on $0.20 per share. With the approval of Guardforce AI's special shareholder meeting on January 31, 2023 for a reverse split of a 1:40 ratio, the acquisition will be paid in 262,500 restricted ordinary shares of Guardforce AI based on $8.00 per share on a split adjusted basis.