Guerrilla RF Announces Completion of $5.0 Million Private Placement Equity Financing and Related Transactions

Guerrilla RF, Inc. (“Guerrilla” or the “Company”)(OTCQX: GUER), a leading provider of state-of-the-art RF and microwave semiconductors, today announced that it completed a private placement equity financing, selling approximately 2.0 million shares of its common stock and accompanying warrants to purchase up to 2.0 million shares of its common stock. The aggregate offering price per share and accompanying warrant sold in the private placement to accredited investors was $2.50. The warrants have an exercise price of $2.50 per share and a term of five years. The private placement resulted in aggregate net proceeds of approximately $2.9 million to the Company, after deducting fees and expenses for the transaction and a $1.5 million reduction in outstanding debt as a result of debt converting into equity.

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Guerrilla RF, Inc. (OTCQX: GUER), today announced that it completed a private placement equity financing, selling approximately 2.0 million shares of its common stock and accompanying warrants to purchase up to 2.0 million shares of its common stock. The private placement resulted in aggregate net proceeds of approximately $2.9 million to the Company, after deducting fees and expenses for the transaction and a $1.5 million reduction in outstanding debt as a result of debt converting into equity. (Graphic: Business Wire)

In connection with the capital raise, the Company’s primary lender has extended the maturity of its $12.0 debt facility from April 2024 to January 2026, allowing the Company to continue the execution of its strategic plan.

“We expect the funds from this capital raise should allow the Company to reach EBITDA break-even, and support our working capital needs and R&D initiatives, as we accelerate our growth through new market penetration and capitalize on our strong competitive position,” said Ryan Pratt, Founder and Chief Executive Officer of Guerrilla RF.

The Benchmark Company, LLC acted as the sole placement agent for the offering. The Kestrel Merchant Partners group at The Benchmark Company, LLC was responsible for sourcing and executing the offering. Brooks, Pierce, McLendon, Humphrey & Leonard, LLP served as legal counsel for the Company. Faegre, Drinker, Biddle & Reath, LLP served as legal counsel for The Benchmark Company, LLC.