Global SPAC Partners (NASDAQ:GLSPT) announced that its shareholders approved its combination with cybersecurity firm Gorilla Technology.
In connection with the vote, however, about 88.4% of Global SPAC shares were tendered for redemption. But, last week, Global SPAC secured their $41.9 million PIPE and Gorilla waived the minimum cash condition of $50 million. Meanwhile, PIPE investors agreed to purchase $11.6 million of the SPACs subunits on the open market and these were not redeemed.
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. The long list of amendments covered a range of topics 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.
The combined company’s shares and warrants are expected to begin trading on the Nasdaq under the symbols “GRRR” and “GRRRW”, respectively, later today, July 14.
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.
It announced that it is providing cybersecurity services for Konica Minolta’s (TYO:4902) FORXAI IoT platform in May and signed a distributer agreement earlier this month with SUNTEL to increase its footprint in the Japanese market.
ADVISORS
- K&L Gates LLP is serving as legal advisor to Gorilla.
- Ellenoff Grossman & Schole, LLP is serving as legal advisor to Global.
Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...
Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...
At the SPAC of Dawn Futures sit slightly red as investors return from holidays of barbecues and fireworks to renewed concerns about where US President Donald Trump’s tariff policy might hamper trade. The latest shift produced a further one-month delay in most of the tariffs Trump has threatened to impose as his administration continues to...
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...