Gorilla Technology Group Inc. Ordinary shares - GRRR STOCK NEWS

Gorilla Technology Group Inc. (NASDAQ: GRRR) has appointed Lawrence Ng as the new Head of Asia, tasked with overseeing growth from the company's newly opened office in Singapore. Ng brings over 25 years of relevant experience, previously serving as Vice President of Sales for Asia-Pacific at Aspen Technology, and holds degrees from the University at Buffalo and Nanyang Technological University Singapore. Gorilla aims to strengthen its market position in Asia with Ng's technological expertise and business development skills, focusing on expanding its cybersecurity offerings and enhancing product innovation.

Gorilla Technology Group has relocated its corporate headquarters from Taipei to London, enhancing its globalization strategy. This move aims to support the company’s strategic initiatives and cater to its expanding global customer base across the U.K., Europe, MENA, and North America. Gorilla believes this relocation will foster innovation and attract global talent, further driving growth in both Western and Asian markets. Additionally, a new R&D lab will be established in London, utilizing talent acquired from its acquisition of SeeQuestor's technology.

Gorilla Technology Group (NASDAQ: GRRR) announces the successful acquisition of SeeQuestor Limited, enhancing its video analytics capabilities. This merger accelerates Gorilla's delivery of hybrid video analytics at the edge, providing a significant competitive advantage. The integration will enable Gorilla to offer a comprehensive product suite to public and private sector clients, while also expanding its market reach in Europe, the Middle East, and North America. CEO Jay Chandan emphasized that this acquisition aligns with the company's mission to develop smarter, safer societies through advanced video analytics technology.

Gorilla Technology Group Inc. (NASDAQ: GRRR) has announced that holders of Class A contingent value rights (CVRs) will receive distributions of ordinary shares. The first distribution of 0.252 shares per CVR occurred based on an average VWAP price of $8.14 on December 21, 2022. A subsequent distribution of 0.307 shares per CVR was determined from an average VWAP price of $6.53 on December 30, 2022. To qualify for these distributions, CVR holders must provide specific information via a notice to Gorilla. If not validated within a year, the shares will be forfeited. This press release fulfills Gorilla’s obligations under the Contingent Value Rights Agreement.

Gorilla Technology Group Inc. (NASDAQ: GRRR) has appointed Dr. Evan Medeiros, a former top advisor to President Obama on Asia-Pacific relations, to its Board of Directors. This strategic move aligns with the company's globalization strategy. Dr. Medeiros brings extensive international expertise, focusing on U.S.-China relations and East Asian politics, which is expected to enhance the company's growth trajectory. Tomoyuki Nii has resigned from the board, marking a significant leadership transition as Gorilla aims to leverage global opportunities in AI and cybersecurity.

Gorilla Technology Group (NASDAQ: GRRR) has achieved its first customer win in the Middle East as part of its globalization strategy. A government agency in the region intends to engage Gorilla for an extensive cybersecurity solution for developing Smart Cities. This contract, expected to be executed in H1 2023, could significantly contribute to Gorilla's 2023 revenue forecasts. The company's recent efforts include a Nasdaq listing and leadership restructuring aimed at expanding their global footprint in AI-based cybersecurity and video analytics.

Gorilla Technology Group (NASDAQ: GRRR) announced the appointment of Max Lin as General Manager for Taiwan. With over 18 years of experience in technology and a strong background in sales and business development, Max aims to enhance Gorilla's market presence in Taiwan. His previous roles include Sales Director Asia at 7Sensing Software and Vice President of Sales at CyWee Motion. CEO Jay Chandan expressed confidence in Max's ability to drive growth in the region. Max emphasizes team building and operational efficiency as key to Gorilla's global expansion.

Gorilla Technology Group (NASDAQ: GRRR) announced the acquisition of SeeQuestor Limited, enhancing its AI video analytics capabilities. This all-stock deal, subject to regulatory approvals and shareholder consent, aims to position Gorilla as a leader in advanced video analytics for security and surveillance. The acquisition expands Gorilla's market access in Europe, the Middle East, and North America, leveraging SeeQuestor's innovative technology. Both companies' leadership expressed strong support, emphasizing the strategic alignment and potential for accelerated product development and market expansion.

Gorilla Technology Group reported its unaudited financial results for the first half of 2022, highlighting a strategic shift towards Security Convergence, which saw revenue growth of 63.9% year-over-year, representing 49.8% of total revenue. Total revenues declined by 8.6% to $13.8 million. The net loss widened to $8.6 million from $5.8 million, largely due to transaction costs from its recent business combination. Despite challenges in the Video IoT segment, gross margin improved to 33.1%, and the new management team is focused on rapid growth in the Smart Cities sector.