Guerrilla RF Goes Public in a Reverse Merger Transaction and Raises Over $7 Million in Private Placement Financing
Guerrilla RF, Inc. (“Guerrilla RF”), a leading manufacturer of high-performance monolithic microwave integrated circuits (MMICs), announced today it has raised more than $7 million 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 leading supplier of MMICs which target wireless infrastructure applications, including 5G and automotive. The company has a well-established revenue stream with 2020 sales totaling $8.09M. Despite the disruption caused by COVID-19, Guerrilla RF has continued to thrive with sales increasing by 990% over the past three years. The company has repeatedly been included in Inc. Magazine’s annual Inc. 5000 list. Guerrilla RF recently made the top Inc. 500 list for the second year in a row, coming in at No. 421 and 489 for the 2020 and 2021 rankings, respectively.
“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,” explained Ryan Pratt, founder and CEO. “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 an extensive 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 critical building blocks for mission-critical, performance-driven wireless applications, including 5G Wireless Infrastructure, Cellular Repeaters/Boosters, and Automotive Telematics.
Guerrilla RF completed the reverse merger with Laffin Acquisition Corp. (“Laffin”), a public Delaware corporation, whereby Guerrilla RF became a wholly owned 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 Company 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 Company agreed to pursue a listing of its common stock on the OTC Markets QB tier, subject to certain terms and conditions.