Gorilla Technology Group Inc. (“Gorilla”) (Nasdaq: “GRRR” for ordinary shares and “GRRRW” for warrants), a global leader in edge video analytic artificial intelligence, IoT technologies, and cybersecurity, and Global SPAC Partners Co., today announced the completion of their previously announced business combination (the “Business Combination”). The post-closing company is called Gorilla Technology Group Inc. and its ordinary shares and warrants are expected to begin trading on The Nasdaq Capital Market (“Nasdaq”) under the new ticker symbols “GRRR” and “GRRRW,” respectively, on July 14, 2022. The Business Combination was approved at an extraordinary general meeting of Gorilla’s shareholders and an extraordinary general meeting of Global’s shareholders on July 13, 2022, with holders of subunits redeeming 88.4% of the pre-merger outstanding subunits. Upon closing of the Business Combination, the previously-trading units, subunits, and warrants of Global ceased to trade and the units and subunits were separated into their component parts.
The Business Combination will provide cash, including funds from Global’s trust account and $41.9 million from PIPE subscriptions. Pursuant to the amended subscription agreements of May 18, 2022, PIPE investors exercised their option to purchase $11.6 million of the subunits subscribed for via purchases in the open market, representing 8.9% of the pre-merger outstanding subunits, and which were not redeemed at the closing of the Business Combination. The proceeds will be used for working capital, business growth, international expansion, and other general corporate purposes.
The Business Combination will allow Gorilla to continue its growth momentum in the rapidly growing edge computing market, thereby providing a significant growth opportunity to Gorilla. Edge computing – which sits at the intersection of AI, IoT, and Big Data – promises to improve business agility by bringing the infrastructure and applications closer to where the data is generated and consumed, thereby powering the next wave of digital transformation.
Gorilla’s leading-edge AI technology has been developed over the last 20 years and includes 31 patents granted or pending with solutions available across hardware platforms, and via AI models, AI appliances, and AI SaaS modules. It develops a wide range of video-centric and content management solutions including Smart Cities, Smart Retail, and Enterprise Security. In addition, Gorilla provides a complete Security Convergence Platform to government institutions, telecom companies, and private enterprises with network surveillance and cybersecurity.
Gorilla’s strong competitive positioning is reflected in its list of technology partners that include Softbank (Japan), Intel (US), and Dell (US), among others, and leading clients across the world including Danone, ExxonMobil, AIS – Thailand’s Largest Mobile Operator, Auresys & MasterCard, Singapore, a major smart lighting company in the UK, Portland International Airport in the US, Taoyuan Airport in Taiwan, and Taipei Medical University Hospital, among others. Gorilla also has the backing of marquee investors, including SBI Group (Japan), Acer (Taiwan), Telstra Ventures (Australia), Asteria (Japan), and Dell (US).
Jay Chandan, former Chairman of Global and now Executive Chairman of Gorilla stated, “Today marks a new journey for all at Gorilla. The Gorilla team has developed an outstanding technology platform with remarkably broad applicability. We aim to capitalize on this foundation by extending Gorilla’s international reach and expanding its ecosystem while continuing to innovate for the future. Building a global presence and working with our diverse teams to enhance our customers’ capabilities and experience; Gorilla’s solutions have at their core: security, flexibility, and responsiveness. Founded on these watchwords, our commitment to maximizing long-term shareholder value will be achieved by making Gorilla the go-to vendor for Edge AI and by making it the employer of choice for the most talented colleagues. We are especially encouraged by the PIPE financing consisting of equity, which has afforded us the opportunity to avoid complex structured financing, all too common in the current challenging environment. The net proceeds from the Business Combination and PIPE will help strengthen Gorilla’s financial position and fund the research & development and improve brand awareness. We are all incredibly elated about this journey and firmly believe the best is yet to come. I personally want to thank Mr. Stephen N. Cannon of Global for his incredible dedication and unwavering support during the entire transaction. They don’t make people like him, nowadays!”
Tomoyuki Nii, former Chairman and current director of Gorilla and Partner at SBI Group, stated, “This significant milestone presents a huge opportunity for Gorilla on a global stage. It elevates Gorilla’s innovation capabilities to a global audience. I would like people to look back and know that this was the turning point in our business.”
Dr. Spincer Koh, Founder, and CEO of Gorilla, stated, “Today marks a significant milestone for Gorilla and its employees, and we are excited to accelerate our growth with a truly disruptive technology platform used by some of the world’s largest companies. Gorilla’s long-term partnership with Global and other established investors will allow us to more rapidly scale our operations, introduce new technology innovations, and expand into new markets.”
Following completion of the Business Combination, Gorilla’s board of directors consists of Jayesh (Jay) Chandan, as Executive Chairman, Dr. Spincer Koh, CEO of Gorilla, Tomoyuki Nii, Partner of SBI Group, Yoichiro (Pina) Hirano, CEO of Asteria Corporation, Rt. Honorable Ruth Kelly and Gregg Walker, Partner and Managing Director of Muller & Monroe Asset Management.