Merger GLSPU

Gorilla technology group to go public through merger with Global Spac Partners

, SPAC research

Gorilla Technology Group Inc., a global leader in edge artificial intelligence (“edge AI”) for security and other applications, and Global SPAC Partners Co. today announced that they have entered into a business combination agreement. The combined company will be called Gorilla Technology Group Inc. and is expected to be publicly listed on Nasdaq under the symbol “GRRR” following the closing of the transaction, which is subject to shareholder and regulatory approvals and a minimum of $50 million gross cash at closing, along with customary closing conditions.

Gorilla, headquartered in Taipei, Taiwan, is a global leader in security intelligence, network intelligence, business intelligence and IoT technology. The company develops a wide range of solutions including Smart Cities, Smart Retail, Enterprise Security and Smart Media. In addition, Gorilla provides a complete Security Convergence Platform to government institutions, Telecom companies and private enterprises with network surveillance and cyber security. 

As part of the transaction, the outstanding equity of Gorilla will be converted into equity of the combined company. Existing Gorilla shareholders will receive no cash consideration, and will retain all of their current equity interests (after giving effect to a pre-closing reorganization), effectively rolling over their current ownership into an equivalent of approximately 65 million shares of Gorilla. The transaction values Gorilla at a pro-forma enterprise value of approximately $708 million. The transaction is expected to deliver up to $169 million of gross proceeds from cash held in Global’s trust account, subject to redemptions by Global subunit holders. The merger closing is conditioned upon Global having at least $50 million in gross cash proceeds at closing from either Global’s trust account or other sources.

K&L Gates LLP is serving as legal advisor to Gorilla. Ellenoff Grossman & Schole, LLP is serving as legal advisor to Global.

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