Guerrilla RF, a provider of state-of-the-art radio frequency and microwave communications solutions, has provided a corporate update that highlights recent business progress and strategic adjustments.
The Company recently announced surpassing a significant milestone of 175 million shipments for radio-frequency integrated circuit/monolithic microwave integrated circuits (RFICs/MMICs), signifying a remarkable 17% increase since reaching 150 million shipments in October 2022. Driven by Guerrilla RF’s R&D innovation engine, the Company continues to develop products for today’s fast-moving applications and specifications in various high-growth verticals.
The Company also announced its decision to temporarily postpone its previously announced IPO and NASDAQ up-list due to unfavorable market conditions. Meantime, it continues to prepare to up-list to a senior stock exchange and is actively engaged in discussions with existing investors for a multi-million-dollar investment, which will satisfy its short-term capital requirements and allow the Company to explore other options concurrently with its up-listing plans. Guerrilla RF anticipates securing the investment in the next few weeks.
In order to facilitate increased employee ownership, Guerrilla RF has introduced a voluntary salary deferral program, whereby all employees have been offered the opportunity to defer a portion of their salaries in anticipation of investing some or all of the deferred payments in the anticipated capital raise. Ryan Pratt, CEO and Chairman of the Company, Mark Mason, the Company’s Chief Operating Officer, and John Berg, Chief Financial Officer, have elected to participate in the program with other unnamed employees.
Ryan Pratt, Founder and CEO of Guerrilla RF commented, “After careful consideration, the Board has decided to temporarily postpone the initial public offering and NASDAQ up-list while we focus on funding our continued growth through less-dilutive options. We appreciate the ongoing confidence and support of our shareholders, as we continue to execute our business plan, continue our R&D initiatives and accelerate our growth through new market penetration, increase our product offerings, and capitalize on our strong competitive position.”
Guerrilla RF drives innovation in high-growth markets through R&D-driven technologies and product development. Capitalizing on opportunities in diverse and under-served markets, the Company is able to address the vast demand for semiconductors across multiple applications. The World Semiconductor Trade Statistics (WSTS) projects that for 2024 global semiconductor sales are projected to reach $576.0 billion and Fortune Business Insights projects the global semiconductor market to grow to $1.3 trillion by 2029, at a CAGR of 12.2% in the forecast period, 2022-2029. Semiconductor Industry Association (SIA) notes U.S. semiconductor firms also invested $58.8 billion in R&D in 2022, the highest in history.
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