Gorilla Technology Group Inc. (NASDAQ: GRRR) has announced that it has entered into securities purchase agreements with institutional investors for the sale of 25,000 Series A convertible preference shares. The purchase price for each share is $1,000, resulting in total gross proceeds of approximately $25 million. The Series A preference shares can be converted into ordinary shares at a conversion price of $1.25 per share. Additionally, Gorilla will issue Series A ordinary share purchase warrants to the investors, allowing them to purchase up to 20,000,000 ordinary shares. The warrants will have an exercise price of $1.50 and will expire in five years. The closing of the offering is expected to take place on or about September 22, 2023, subject to customary closing conditions.
Cantor Fitzgerald & Co. and A.G.P./Alliance Global Partners are acting as co-lead placement agents for the offering. The gross proceeds to Gorilla from this offering are expected to be approximately $25 million, which will be used for working capital needs.
The securities being offered are registered under a shelf registration statement on Form F-3 (File No. 333-274053) that was filed with the Securities and Exchange Commission (SEC) on August 17, 2023, and declared effective on August 29, 2023. The offering will be made through a prospectus and prospectus supplement that form part of the registration statement. Electronic copies of the final prospectus supplement and accompanying prospectus can be obtained from the SEC's website or from Cantor Fitzgerald & Co. and A.G.P./Alliance Global Partners.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities. The sale of these securities is subject to registration or qualification under the securities laws of the relevant state or jurisdiction.
For media inquiries, please contact Jeff Fox at The Blueshirt Group for Gorilla. For investor relations, please contact Gary Dvorchak and Scott McCabe, also at The Blueshirt Group.