Key points:
- Guardforce AI stock spiked by 45.8% after expanding into Australia and Dubai.
- Investors cheered the move that expanded the company’s global presence.
- The company intends to offer Robotics as a Service (RaaS) to its clients.
The Guardforce AI Co Ltd (NASDAQ: GFAI) stock price spiked by 45.8% after revealing that it had expanded its presence to Australia and Dubai.
The integrated security solutions provider revealed that it had registered a new operating entity in February 2022 and had incorporated a new company in Dubai.
Also read: Best Cheap Tech Stocks Under $10.
Investors cheered the news, given that Dubai is one of the fastest-growing cities and economies globally and is regarded as a leader in innovative technologies, with many global companies having a presence in the country.
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Guardforce AI told investors that the Dubai office is still being set up. Still, it had already started trial deployments in the city with clients in the hospitality, restaurant, exhibition, retail, and convention segments.
The Dubai subsidiary is GFAI Robot & Smart Machines Trading LLC (GFAI Dubai). In contrast, its Australian subsidiary is called Guardforce AI Robot Service (Australia) Pty Ltd (GFAI Australia).
Guardforce will be offering Robotics as a Service (RaaS) rollout initiatives via its two subsidiaries, acting as strategic locations for its further expansion. In addition, the company is looking to capitalise on the Dubai government’s increasing implementation of innovative technologies such as blockchain, AI, 3D printing and the Internet of Things (IoT).
The Australian subsidiary will help the AI and robotics company tap into opportunities available in the country’s economy, given that Australia is one of the top 20 global economies. It will also act as a launchpad to expand into the Asia-Pacific region.
Terence Yap, Guardforce AI’s Chairman, commented: “Both the Dubai and Australian markets, we expect, will play a very important role in our global RaaS rollout as they foster innovative environments for technology and allow fast-growing companies to flourish. With a presence in these two key markets, we are now operating across three different continents and in nine evolving markets globally.”
GFAI shares have fallen 84.58% since their listing on the Nasdaq exchange on 29 September 2021. However, many hope that today’s rally will translate into a sustained rally over the coming days.
*This is not investment advice. Always do your due diligence before making investment decisions.
Guardforce AI stock price.
Guardforce AI stock price rallied by 45.76%to trade at $1.72, rising from Monday’s closing price of $1.18.