5 big analyst AI moves: Apple lifted to Buy, AI chip bets reassessed
Investing.com -- Gorilla Technology Group Inc. (NASDAQ:GRRR) stock rose 2.8% Tuesday after the company announced its board has increased the authorized capacity of its share repurchase program to $20 million.
The security and intelligence solutions provider said the expanded buyback program reflects management’s belief that the current market valuation does not reflect the company’s "true strength, growth trajectory, and financial performance."
Gorilla Technology reported it currently has approximately $107 million in free cash and $120 million of restricted cash, even after considerable recent spending on contract obligations, R&D, and increased headcount. The company stated it has sufficient working capital for near-term project commitments and is working to secure additional non-dilutive capital sources for future projects.
"Gorilla’s management and Board are implementing a capital allocation strategy that seeks to return value to shareholders consistently and optimally," said Jay Chandan, Chairman and CEO of Gorilla Technology. "We believe the Company’s current trading levels do not reflect the intrinsic value of Gorilla, which includes several recent operational milestones."
The company highlighted recent achievements including a $1.4 billion AI data center contract, the launch of a post-quantum cryptography initiative, and new business wins in the Asia-Pacific region.
Gorilla Technology also plans to submit evidence of what it believes to be "aggressive shorting and possible naked short activity" to the SEC, citing unusual trading patterns in its stock.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.