Gorilla Technology going public in $169m SPAC IPO
15:14, 27 December 2021

Gorilla Technology Group is merging with blank cheque firm Global SPAC Partners in a $169m (£126m) transaction that values Gorilla Technology at $708m, or 10.9 times projected 2022 revenues, the companies announced in a joint statement.
Taipei, Taiwan-based Gorilla Technology will be absorbed into Global SPAC Partners and Gorilla Technology equity holders will receive 65 million shares of the combined entities stock.
The combined entity Gorilla Technology has applied to list its stock on the Nasdaq exchange under the ticker “GRRR”.
Global SPAC Partners stock closed Thursday’s abbreviated session at $10.15 per share, down 0.29%. Global SPAC Partners trades over the Nasdaq exchange under the ticker “GLSPU”.
K&L Gates is acting as legal advisor to Gorilla Technology, while Ellenoff Grossman & Schole is the legal advisor to Global SPAC Partners.
The transaction is scheduled to close in the first quarter of 2022.
“Based on our abundant experience with global customers, we have seen the Edge AI industry evolve, mature and are now witnessing rapid growth,” said Gorilla Technology CEO Dr. Spincer Koh in a prepared statement. “We will continue to innovate across all areas that are key to product leadership, as we pursue end-to-end solutions for our customers' rapidly evolving needs, while leveraging existing core competencies.”
About Gorilla Technology
Gorilla Technology develops and manufactures Edge AI technology, focusing on video analytics, network security and data management. Gorilla is backed by Acer, Asteria, SBI Group and Telstra Ventures and signed a partnership agreement with SoftBank in September.
Gorilla Technologies has 24 patents granted in China, Europe, Japan, Taiwan and the US, with an additional eight patents pending.
Proceeds from the merger will go primarily to fund growth, the company said. On top of the roughly $10m in merger fees and expenses, $17m is earmarked for marketing, $15m for working capital, $4m in contingency costs, with $29m remaining for cash on hand.
Gorilla Technology revenue forecast

Gorilla Technology is expecting roughly $50m in total revenue for its full fiscal year 2021 and estimates $65m in revenue for 2022 and $93m in revenue for 2023, when it expects to become cash-flow positive, according to the investor presentation accompanying the merger announcement. By 2026, Technologies estimates over $400m in total revenue.
New York, New York-based Global SPAC Partners went public on 8 April, selling 16 million shares in its initial public offering (IPO) at $10 per share to raise $160m. I-Bankers Securities acted as sole underwriter and exercised its option to purchase an additional 750,000 shares at the IPO price, bringing the total proceeds to $167.5m.
“The Gorilla team has developed an outstanding technology platform with remarkably broad applicability,” added Global SPAC Chairman Jay Chandan. “It will aim to capitalise on this foundation by extending Gorilla’s international reach and expanding its ecosystem, while continuing to innovate for the future.”
Read more: Taiwan’s Gogoro heads to Nasdaq via SPAC merger
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