News: Microelectronics
28 October 2021
Guerrilla RF goes public in reverse merger and raises over $7m in private placement
Guerrilla RF Inc (GRF) of Greensboro, NC, USA has raised more than $7m in the initial closing of a private placement offering as well as the completion of a reverse merger transaction.
Founded in 2013, Guerrilla RF is a supplier of monolithic microwave integrated circuits (MMICs) that target wireless infrastructure applications, including 5G and automotive. The firm has a well-established revenue stream, with 2020 sales totaling $8.09m. Despite the disruption caused by COVID-19, Guerrilla RF’s sales have grown by 990% over the past three years.
“Guerrilla RF’s strategy is centered on developing and selling disruptive, leading-edge wireless semiconductor products. We recognize the need for an agile, focused approach to addressing the performance requirements of the wireless infrastructure market,” says founder & CEO Ryan Pratt. “Our past success is a direct reflection of this strategy, and this additional capital will allow us to accelerate our development plans and enable us to aggressively expand within strategically targeted wireless applications.”
Guerrilla RF has a portfolio of over 95 high-performance radio frequency (RF) and microwave semiconductor devices. The existing product line includes ultra-low-noise amplifiers, gain blocks, driver amplifiers, mixers, RF switches, and linear PAs (power amplifiers) – the building blocks for mission-critical, performance-driven wireless applications, including 5G wireless infrastructure (macro and small-cell base stations), cellular repeaters/boosters, and automotive telematics such as SDARS/V2X/GPS/DAB, mission-critical military communications, navigation and high-fidelity wireless audio.
Guerrilla RF completed the reverse merger with Laffin Acquisition Corp, a public Delaware corporation, whereby it became a subsidiary of Laffin. Following the merger, Laffin changed its name to ‘Guerrilla RF Inc’ and will continue the historical business of Guerrilla RF.
All of the current members of Guerrilla RF’s board of directors will remain as directors of the firm, including Ryan Pratt, David Bell, Greg Thompson, James E. Dunn, Samuel Funchess Sr., William J. Pratt, and Gary Smith. In connection with the financing and the reverse merger, the firm agreed to pursue a listing of its common stock on the OTC Markets QB tier, subject to certain terms and conditions.
The private placement was led by Guerrilla RF’s existing investors. GP Nurmenkari Inc (as consulted by Intuitive Venture Partners) served as the exclusive placement agent. The Benchmark Company LLC served as sub-agent. Montrose Capital Partners was the sponsor for the transaction. Brooks, Pierce, McLendon, Humphrey & Leonard LLP provided legal counsel to Guerrilla RF.
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