Gorilla prices 6M shares at $17.50 per share in registered direct offering

Gorilla (GRRR) Technology Group announced that it has entered into a securities purchase agreement for ordinary shares with a $100M investment from a “single new fundamental institutional investor” as well as participation from “a large existing shareholder” to raise $105M of equity capital via a registered direct offering of 6M of its ordinary shares or pre-funded warrants in lieu thereof at an offering price of $17.50 per ordinary share. The gross proceeds to the company from the offering are expected to be approximately $105M before deducting placement agent fees and other offering expenses payable by the company. Gorilla intends to use the net proceeds from the offering for working capital needs, particularly to establish performance guarantees or bid bonds; establish statutory capital reserves and meet other requirements in connection with bids for various projects; in relation to previously announced acquisitions; and for other general corporate purposes. Titan Partners Group, a division of American Capital Partners, is acting as the sole placement agent for the offering.