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