The funding comes from experienced AI institutional investors that have agreed to purchase 4.15 million PIPE subunits, at a price of $10.10 per subunit. Furthermore, Gorilla notified Global that it would waive the $50 million minimum cash condition to close the transactions, such that the condition would be fulfilled with the amount of total investment committed by the PIPE Investors which is a minimum cash of $41.9 million.
Back in May, the SPAC made several changes to its transaction in an effort by both Global SPAC and Gorilla to get this deal over the finish line by offering incentives to all parties – SPAC shareholders and PIPE investors alike. The long list of amendments covered a range of topics within the business combination including contingent value rights, the earnout, covenants regarding additional financing, the termination as well as other related agreements including subscription agreements and the letter agreement.
As background, Global SPAC Partners originally brought about $169.2 million into the deal from its current trust and at the time of deal announcement, had not yet supplemented with a PIPE. The SPAC added a $50.5 million PIPE to its transaction earlier this year in February under the same terms as the deal’s IPO with subunits purchased at $10.10. These contain both a share and a 1/4 warrant.
The parties initially announced their $708 million deal on December 22. Taipei, Taiwan-based Gorilla provides AI-enabled hardware and software for traffic management and security monitoring.