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 a 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, the 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. Honourable Ruth Kelly and
Gregg Walker, Partner and Managing Director of Muller & Monroe
Asset Management.
Advisors
I-Bankers Securities, Inc. acted as sole
bookrunner for the Global SPAC Partners Co. IPO, served as
financial advisor to the SPAC, and lead PIPE placement agent.
K&L Gates LLP served as legal counsel to
Gorilla.
Ellenoff Grossman & Schole LLP served as
legal counsel to Global.
Maples and Calder (Cayman) LLP served as Cayman
Islands counsel.
About Gorilla Technologies Group
Inc.
Gorilla, headquartered in Taipei, Taiwan, is a
global leader in security intelligence, network intelligence,
business intelligence and IoT technology. Gorilla develops a wide
range of solutions including Smart Cities, Smart Retail, Enterprise
Security, and Smart Media. In addition, Gorilla provides a complete
Security Convergence Platform to government institutions, Telecom
companies and private enterprises with network surveillance and
cyber security.
Gorilla places an emphasis on offering leading
technology, expert service, and precise delivery, and ensuring
top-of-the-line, intelligent and strong Edge AI solutions that
enable clients to improve operational performance and efficiency.
With continuous core technology development, Gorilla will deliver
Edge AI solutions to managed service providers, distributors,
system integrators, and hardware manufacturers.
Gorilla-Technology.com
About Global SPAC Partners
Co.
Global is a blank check company formed for the
purpose of effecting a merger, share exchange, asset acquisition,
share purchase, reorganization or similar business combination with
one or more businesses globally. Prior to the Business Combination,
Global was led by Chairman, Jay Chandan, Chief Executive Officer,
Bryant B. Edwards, Chief Operating Officer & President, Stephen
N. Cannon, and Chief Financial Officer, Long Long.
No Offer or Solicitation
This press release does not constitute an offer
to sell or exchange, or the solicitation of an offer to buy or
exchange, any securities, nor shall there be any sale of securities
in any jurisdiction in which such offer, sale or exchange would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains, and certain oral
statements made by representatives of Global and Gorilla and their
respective affiliates, from time to time may contain,
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995. Global’s and Gorilla’s actual results may differ from
their expectations, estimates and projections and consequently, you
should not rely on these forward-looking statements as predictions
of future events. Words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,”
“will,” “could,” “should,” “believes,” “predicts,” “potential,”
“might” and “continues,” and similar expressions are intended to
identify such forward-looking statements. These forward-looking
statements include, without limitation, statements regarding
commencement of trading on Nasdaq, the failure to realize the
anticipated benefits of the Business Combination, the expected use
of proceeds, Gorilla’s continued growth and expansion and its
ability to deliver value to customers and investors, along with
those other risks described under the heading “Risk Factors” in the
proxy statement/prospectus filed with the Securities and Exchange
Commission (the “SEC”) on July 7, 2022, and those that are included
in any of Gorilla’s future filings with the SEC. These
forward-looking statements involve significant risks and
uncertainties that could cause actual results to differ materially
from expected results. Most of these factors are outside of the
control of Global or Gorilla and are difficult to predict. Should
one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those indicated or anticipated by such
forward-looking statements. Readers are cautioned not to place
undue reliance upon any forward-looking statements, which speak
only as of the date made. Global and Gorilla undertake no
obligation to update forward-looking statements to reflect events
or circumstances after the date they were made except as required
by law or applicable regulation.
Contacts
Gorilla Technologies Group, Inc.Stardi Yen+886
2 7720 7889Investor-relations@gorilla-technology.com
Global SPAC Partners Co.Peter Wright(617)
454-1088GlobalSPAC@intro-act.com
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