GFAI Stock: Why The Price Surged Today

By Amit Chowdhry ● Oct 29, 2021
  • The stock price of Guardforce AI Co., Limited (NASDAQ:GFAI) increased by over 26% today. This is why it happened.

The stock price of Guardforce AI Co., Limited (NASDAQ:GFAI) – an integrated security solutions provider in Asia – increased by over 26% today. Investors are responding positively to the company announcing that they have engaged international investor relations specialists MZ Group to lead a comprehensive strategic investor relations and financial communications program across all key markets. Along with the engagement of MZ, the company also announced the appointment of PFK Littlejohn LLP (PKF) as its new independent registered public accounting firm.

MZ Group is going to work closely with Guardforce management to develop and implement a comprehensive capital markets strategy designed to increase the company’s visibility throughout the investment community. And the campaign will highlight how Guardforce is utilizing its nearly 40 years of experience in the security industry to build a leading Robot as a Service (RaaS) solution powered by Artificial Intelligence (AI) and managed by an intelligent online robotics platform, as well as complementary secured logistics, cybersecurity and managed security services. MZ has developed a distinguished reputation as a premier resource for institutional investors, brokers, analysts, and private investors. 

Shannon Devine, Managing Director at MZ North America, will be advising Guardforce in all facets of corporate and financial communications, including the coordination of roadshows and investment conferences across key cities and building brand awareness with financial and social media outlets.

Guardforce had appointed PFK to replace Wei, Wei & Co., LLP as its new independent registered public accounting firm to perform interim review for June 30, 2021 and auditing for financial year 2021. And the decision to change the independent registered public accounting firm was recommended and approved by the Audit Committee and Board of Directors of the company. 

PFK is going to perform the audit for the consolidated financial statements and issue a written report, all of which are to be included in the annual report (Form 20-F) proposed to be filed by the Company under the Securities Exchange Act of 1934.


“Today’s announcements represent the evolution of Guardforce, and we could not be more pleased with the addition of MZ Group as our Investor Relations partner and PFK as our new public accounting firm. Both strategic partnerships are key components to our next phase of growth, and we look forward to working with both.” 

— Terence Yap, Chairman of Guardforce

“Guardforce is an established leader in the secure logistics and physical security markets, with decades of experience protecting and transporting high-value assets for public and private sector customers in Thailand and the Asia Pacific region. Financial, retail and government institutions are continuing to outsource these operations to third-party service providers to reduce the risk and focus on core competencies. Guardforce has launched multiple strategic initiatives utilizing robotics in response to the significant market potential and demand arising from the need for automation within the security and facilities management industry segment. Mordor Intelligence anticipates the total addressable market worldwide for service robotics will grow to $212.6 billion by 2026 and grow at a CAGR of 44.9%. With its recent Nasdaq listing, we find the valuation disconnect at Guardforce to be a unique opportunity for investors and look forward to sharing this with our network of institutional investors and family offices.”

— Ted Haberfield, Chairman & President of MZ Group North America

“Guardforce continues to expand its leadership position in the secure logistics and physical security business throughout Thailand through 21 branches and a fleet of 478 secured vehicles. The Company works closely with its technology partners to develop the right tools to help its clients, leading to its RaaS solution dedicated to offering a variety of AI powered robots managed by an Intelligent Cloud Platform (ICP) that allows Guardforce to remotely manage and monitor deployed robots. Current models include intelligent reception, spray, concierge, delivery and patrol robots for commercial and public sectors. For customers looking to further harden their online assets, Guardforce acquired a majority stake in information security consultants Handshake Networking Ltd, a Hong Kong-based company specializing in a wide variety of information security consultancy services including penetration testing and vulnerability assessment, information systems audit, consultancy, computer forensics and security awareness training.”

— Shannon Devine, Managing Director at MZ North America

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.