Gorilla Technology Group Inc. Ordinary shares - GRRR STOCK NEWS

Gorilla Technology Group Inc. (NASDAQ: GRRR) has appointed Bruce Bower as Interim Chief Financial Officer (CFO). With over 20 years of experience in strategic financial management, capital raising, and corporate governance, Bower joins Gorilla at a important growth phase. His responsibilities will include overseeing financial operations, strategic planning, budgeting, and investor relations. Bower will also lead efforts to optimize Gorilla's capital structure and ensure rigorous financial governance as the company expands globally.

Jay Chandan, Chairman & CEO of Gorilla Technology Group, expressed excitement about Bower's appointment, highlighting his expertise in securing substantial capital and strategic vision. Bower, in turn, shared his enthusiasm for joining Gorilla's executive team, emphasizing his commitment to aligning financial strategy with the company's ambitious goals and driving operational excellence to power global expansion.

Gorilla Technology Group Inc. (NASDAQ: GRRR) has secured two major project wins in Taiwan, reinforcing its position in AI-driven security and smart city solutions. The first project involves expanding an AI Airside Management System at Taoyuan International Airport, building on initiatives dating back to 2016 to enhance security and operational efficiency. The second project focuses on collaborating with a leading telecom company to expand core network investigation systems for a national law enforcement agency in Taiwan, part of Gorilla's Smart Policing Solutions. This initiative aims to deliver a standardized and compliant system for telecom infrastructure that meets law enforcement requirements. These wins demonstrate Gorilla's commitment to innovation in AI and Cybersecurity, as well as its ability to address critical client needs in security infrastructure.

Gorilla Technology Group Inc. (NASDAQ: GRRR) has reported significant progress and financial stability in its ongoing project in the Middle East and North Africa (MENA) region. The company has successfully completed the first two milestones of the project, with all major clients making payments. This has resulted in free cash reserves exceeding $40 million and current assets of over $58 million. Gorilla's financial position is further strengthened by real estate holdings valued at over $25 million.

The company is now entering Phase 3 of the MENA project, which is expected to generate additional revenue streams in 2024 and 2025. Gorilla has clarified that payments are tied to specific milestone completions, dispelling rumors of annual-only payments. Projects in Taiwan are also progressing as planned, with a significant payment expected in November. The company is actively managing its financial resources and exploring financing options to support growth while maintaining sufficient liquidity.

Gorilla Technology Group Inc. (NASDAQ: GRRR) has appointed Keith Levy, former Head of Corporate Derivatives Trading for Bank of America, to its Board of Directors. Levy brings over two decades of experience in the financial sector, including roles at Credit Suisse and Bank of America. His expertise in trading, risk management, and balance sheet optimization is expected to contribute significantly to Gorilla's growth and innovation strategies.

Levy's background includes managing $45 billion of firm balance sheet and recognition as International Executive of the Year by the Executive Leadership Council in 2020. He holds degrees from Harvard University and the University of Michigan. The appointment aligns with Gorilla's mission to redefine the technology landscape in Security Intelligence, Network Intelligence, Business Intelligence, and IoT technology.

Gorilla Technology Group (NASDAQ: GRRR) will participate in the Water Tower Research Fireside Chat Series on June 20 at 11 am ET. Jay Chandan, Chairman and CEO, will discuss the company's recent project wins, the completed $12 million capital raise, and Gorilla's capital allocation strategy.

Additionally, updates on ongoing projects and the company's global expansion plans will be covered. The event is open to all investors, and replays will be available after the session.

Gorilla Technology Group (NASDAQ: GRRR) has released an update addressing shareholders' concerns over the recent decline in stock price. The company highlights securing three significant projects in Taiwan for Roaming Lawful Interception, Smart Port solutions, and Criminal Investigation systems, reinforcing its leading position in AI and cybersecurity. Despite this, Gorilla raised $12 million through a share offering to fund ongoing projects in Taiwan and Egypt. The company is negotiating several potentially transformative contracts. Gorilla also addresses false claims about a $300 million securities offering and phishing attempts targeting its stakeholders. CEO Jay Chandan emphasizes the company's resilience, commitment to innovation, and long-term growth strategy.

On June 13, 2024, Gorilla Technology Group (NASDAQ: GRRR) issued a letter to its stockholders addressing recent stock price declines and highlighting key achievements. The company secured three major projects in Taiwan focused on Roaming Lawful Interception (LI) solutions, Smart Port solutions, and Criminal Investigation systems, solidifying its position in AI and cybersecurity. Despite a recent capital raise of $12 million to fund ambitious projects in Taiwan and Egypt, the CEO acknowledges market concerns but stresses the company's commitment to innovation and resilience. Gorilla is also negotiating several transformative contracts, aiming to leverage these funds for future growth.

Gorilla Technology Group announces a $12 million registered direct offering. The company entered into agreements with institutional investors to sell 2,142,858 ordinary shares and warrants at $5.60 per share. The warrants, priced at $5.90 per share, are immediately exercisable and expire in five years. The gross proceeds are intended for working capital needs, with closing expected around June 10, 2024. The offering follows a shelf registration statement filed in August 2023 and declared effective by the SEC. A.G.P./Alliance Global Partners is the sole placement agent. Additionally, Gorilla agreed to reduce the exercise price of outstanding Series A and B warrants from previous offerings to $5.90 per share.

Gorilla Technology Group (NASDAQ: GRRR) has announced a strategic partnership with SINTRONES Technology Corp. to develop advanced in-vehicle AI computing capabilities. This collaboration aims to integrate SINTRONES' in-vehicle computing solutions with Gorilla's smart city management and intelligent video analytics platform. The partnership focuses on enhancing autonomous driving and fleet management solutions, leveraging 5G networks for high-performance transportation systems. Key features include high-performance video analytics, real-time computing, improved traffic management, and flexible AI deployment. The market for in-vehicle computing is expected to reach $980 million by 2025.