Gorilla Announces $25 Million Registered Direct Offering of Convertible Preferred Stock
20 Septembre 2023 - 2:00PM
Gorilla Technology Group Inc. (“Gorilla”) (NASDAQ: GRRR), a global
provider of AI-based edge video analytics, IoT technologies, and
cybersecurity, today announced that it has entered into securities
purchase agreements with certain institutional investors for the
purchase and sale of 25,000 Series A convertible preference shares
(the “Series A preference shares”) at a purchase price of $1,000
per share pursuant to a registered direct offering, resulting in
total gross proceeds of approximately $25 million before deducting
placement agent commissions and other estimated offering expenses.
Each Series A preference share is convertible into ordinary shares
of Gorilla at a conversion price of $1.25 per share. Along with the
Series A preference shares, Gorilla further agreed to issue to the
investors Series A ordinary share purchase warrants (the “Series A
warrants”) to purchase up to an aggregate of 20,000,000 ordinary
shares of Gorilla. The Series A warrants will have an exercise
price of $1.50, will be exercisable immediately and will expire
five years from the date of issuance. The closing of the offering
is expected to occur on or about September 22, 2023, subject to the
satisfaction of 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, before deducting the
placement agents’ fees and other offering expenses. Gorilla intends
to use the net proceeds from the offering for working capital
needs.
The securities described above are being offered
pursuant to a shelf registration statement on Form F-3 (File No.
333-274053) that was filed with the Securities and Exchange
Commission (the “SEC”) on August 17, 2023 and declared effective by
the SEC on August 29, 2023. The offering is being made by means of
a prospectus, including a prospectus supplement, that form part of
the registration statement. A final prospectus supplement and
accompanying prospectus relating to the offering will be filed with
the SEC. Electronic copies of the final prospectus supplement and
accompanying prospectus may be obtained, when available, on the
SEC’s website at http://www.sec.gov or by contacting Cantor
Fitzgerald & Co., Attention: Equity Capital Markets, 499 Park
Avenue, 4th Floor, New York, NY 10022, or by e-mail
at prospectus@cantor.com, or from A.G.P./Alliance Global
Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by
telephone at (212) 624-2060, or by email at
prospectus@allianceg.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
Media Contact:Jeff FoxThe Blueshirt Group for
Gorilla+1 (415) 828-8298jeff@blueshirtgroup.com
Investor Relations Contacts:Gary DvorchakThe
Blueshirt Group for Gorilla+1 (323)
240-5796gary@blueshirtgroup.com
Scott McCabeThe Blueshirt Group for Gorilla+1
(917) 434-3275scott@blueshirtgroup.com
Gorilla Technology (NASDAQ:GRRR)
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