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Gorilla Technology Group Inc. has successfully completed its business combination with Global SPAC Partners Co., effective July 13, 2022. Starting July 14, 2022, Gorilla's ordinary shares and warrants will trade on Nasdaq under the ticker symbols GRRR and GRRRW. The deal includes cash from Global's trust account and $41.9 million from PIPE subscriptions, aimed at supporting Gorilla's growth, international expansion, and operational costs. Gorilla's edge AI technology, developed over 20 years, positions it well in the evolving edge computing market.
Global SPAC Partners Co. (Nasdaq: GLSPU, GLSPT, GLSPW) has secured a $41.9 million PIPE financing, as confirmed by investors on July 7, 2022. This funding is associated with the merger with Gorilla Technology Group Inc. (Gorilla), which has waived the $50 million minimum cash requirement for the transaction. Investors will purchase 4.15 million PIPE subunits at $10.10 each. A special meeting for shareholders to vote on this merger is set for July 13, 2022. Stakeholders are encouraged to review the Merger Proxy Statement filed with the SEC for detailed information.
Global SPAC Partners Co. (Nasdaq: GLSPU, GLSPT, GLSPW) filed a definitive merger proxy statement with the SEC on July 7, 2022, to conduct a shareholder meeting on July 13, 2022, regarding its business combination with Gorilla Technology Group Inc. Shareholders can redeem subunits for cash before the meeting. The merger values Gorilla at approximately $720 million. Additionally, the amended agreement includes adjustments for PIPE investments, with a potential reduction of subunits from 5 million to 3 million. Existing Gorilla shareholders will retain ownership without cash compensation in the deal.
Global SPAC Partners Co. (Nasdaq: GLSPU, GLSPT, GLSPW) filed a preliminary proxy statement on June 29, 2022, for a special shareholder meeting on July 13, 2022, to extend the deadline for an initial business combination with Gorilla Technology Group Inc. to August 13, 2022. If approved, this extension allows for potential further extensions to September 13, 2022. Gorilla will loan Global up to $388,447 based on shares not redeemed in the meeting. The projected redemption price ranges from $10.23 to $10.245 per share. Further details about the extension can be found in the proxy statement.
Gorilla Technology Group and Global SPAC Partners will host a joint investor webcast on June 21, 2022, to discuss their proposed business combination. The webcast will cover details from the Amended and Restated Business Combination Agreement and the associated PIPE investment. The Amended BCA values Gorilla at approximately $720 million, and existing shareholders will retain their equity interests. The completion of the transaction depends on Global having at least $50 million in gross cash proceeds at closing, with current funds in trust amounting to around $132 million.
Global SPAC Partners Co. (Nasdaq: GLSPU, GLSPT) mailed a definitive proxy statement on March 28, 2022, to shareholders for an extraordinary meeting on April 11, 2022. The aim is to extend the deadline for an initial business combination with Gorilla Technology Group until July 13, 2022. If approved, Gorilla will contribute $0.03 per public subunit per month to Global's trust account until the extension deadline. Additionally, Global has engaged Cantor Fitzgerald & Co. and Northland Securities, Inc. as advisors for investor relations regarding the merger.
