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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.
Gorilla Technology Group and Global SPAC Partners will host a joint investor webcast on March 16, 2022, to discuss their proposed Transactions. The webcast will cover an investor presentation filed with the SEC, available on Global's website. Gorilla specializes in security, network, and IoT technology solutions, emphasizing Edge AI for operational efficiency. Global is a blank check company aimed at business combinations. This press release contains important information about the Transactions and risks associated with them, advising stakeholders to review related SEC filings.
Global SPAC Partners Co announced the appointment of Dr. Rajesh Natarajan as the Chief Innovation Officer of Gorilla Technology Group Inc. Dr. Natarajan brings 27 years of experience in technology across various sectors, including roles at Microsoft and IBM. His expertise will help Gorilla adapt its Edge AI technology to meet customer needs amid anticipated growth and expansion into the U.S. and Europe. The incoming leadership is expected to enhance Gorilla's capability to address complex business challenges and innovate in the rapidly evolving AI landscape.
Global SPAC Partners Co. (NASDAQ: GLSPU) and Gorilla Technology Group Inc. have entered into subscription agreements for a private investment in public equity (PIPE) amounting to $50.5 million. This investment aids the upcoming business combination, providing essential cash for the transaction. Each PIPE subunit, priced at $10.10, will be exchanged for Gorilla's ordinary shares upon closing. The transaction's completion hinges on shareholder approval and is anticipated to close in the second quarter of 2022. This deal reflects investor confidence in the edge AI sector.
Gorilla Technology Group and Global SPAC Partners have agreed to a business combination, valuing Gorilla at approximately $708 million. The merger is expected to close by the end of Q1 2022 and will lead to Gorilla's public listing on Nasdaq under the ticker GRRR. This partnership aims to capitalize on the anticipated growth in the edge computing market, projected to reach $250 billion by 2024, with Gorilla's AI solutions positioned to benefit from the increasing demand for smart infrastructure investments.
