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LONDON - Gorilla Technology Group Inc. (NASDAQ:GRRR) announced Monday it has entered into a securities purchase agreement to raise $105 million through a registered direct offering of 6 million ordinary shares priced at $17.50 per share. The stock, which has shown significant volatility according to InvestingPro data, has delivered an impressive 708% return over the past year, despite experiencing a notable decline in the past three months.
The offering is primarily funded by a $100 million investment from a new institutional investor, with additional participation from an existing large shareholder. The transaction is expected to close around Wednesday, subject to customary closing conditions.
Titan Partners Group, a division of American Capital Partners, is serving as the sole placement agent for the offering.
According to the company’s statement, Gorilla plans to use the proceeds for working capital needs, particularly to establish performance guarantees and bid bonds, meet statutory capital requirements for project bids, support previously announced acquisitions, and for general corporate purposes.
The London-based company, which specializes in security intelligence, network intelligence, business intelligence and IoT technology solutions, is conducting the offering under an effective shelf registration statement filed with the Securities and Exchange Commission in August 2023.
Gorilla Technology provides AI-driven solutions including intelligent video surveillance, facial recognition, and advanced cybersecurity technologies, with applications across government, manufacturing, telecom, retail, transportation, healthcare, and education sectors.
The information in this article is based on a press release statement from the company.
In other recent news, Gorilla Technology Group Inc. has entered into a definitive agreement to acquire Thai tech providers CNS and CANS. This acquisition is expected to close in the summer of 2025, though financial terms have not been disclosed. In addition to this development, Gorilla Technology has appointed Bruce Bower as its new Chief Financial Officer, effective June 1, 2025. Bower, who previously served as Interim CFO, has been credited with enhancing operational efficiency and improving financial oversight. Furthermore, the company announced the hiring of Satish Venkatesan as Chief Solutions Strategist for the Americas to oversee strategy and expansion in key regions. However, Gorilla Technology is currently facing scrutiny after Culper Research accused the company of being a "ridiculous fraud," suggesting that various aspects of its business may have been misrepresented or fabricated. Culper Research’s report has led to a decrease in investor confidence, with Gorilla Technology’s shares experiencing a significant drop. As of now, the company has not issued a statement addressing these allegations.
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