Global SPAC Partners and Gorilla Technology Group entered into subscription agreements with AI institutional investors to purchase $50.5 million of private placement securities in Global to support the companies’ proposed merger.
The PIPE funding exceeds the minimum cash condition for closing the deal. As announced in December, the transaction would deliver up to $169 million of gross proceeds from cash held in Global’s trust account, assuming no redemptions.
The PIPE consists of the sale of Global subunits at $10.10 each. The units are the same as the public units sold in the SPAC’s IPO.
The PIPE investment is conditioned upon the completion of the merger with Gorilla, a Taiwan-based company that develops edge artificial intelligence for security applications. Read more.
