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Investing.com -- Gorilla Technology Group Inc. (NASDAQ: GRRR) stock rose 14% following the company’s dismissal of what it called misinformation and its confirmation of plans to acquire shares by the company and insiders.
The rise in Gorilla Technology’s shares comes in the wake of a press statement from the company refuting allegations made by individuals facing charges from the U.S. Securities and Exchange Commission (SEC) and the U.S. Department of Justice (DOJ). Chairman & CEO Jay Chandan stated that the company’s results and business strategy will speak for themselves, and legal counsels are addressing the matter across multiple jurisdictions.
Amid recent short selling and a decline in the company’s share price, Gorilla’s Board of Directors reiterated its belief that the shares are deeply undervalued. As a result, the company plans to proceed with its share buyback program after releasing its 2024 earnings statement, should the share price continue to not reflect the board’s view of the company’s intrinsic value.
Moreover, the board and executive management team have expressed their intention to purchase shares after the earnings release. Chandan emphasized the company’s belief in its vision and momentum, indicating that the market will eventually recognize the company’s value, and they are prepared to invest personally in that conviction.
This news comes after Citron Research last week called for SEC enforcement to halt trading in Gorilla Technologies, citing potential misleading statements and omissions of material facts. Citron referenced a questionable deal and raised concerns about the company’s claims of global leadership in AI-driven solutions against their actual R&D spend.
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