Global SPAC in a regulatory filing disclosed numerous tweaks to its merger agreement with Gorilla Technology. The deal is valued at $708 million.
The SPAC and Gorilla Technology agreed to alter the contingent value rights, provisions for earnout shares, covenants regarding additional financing, an extension on the termination date and amendments to the subscription agreements.
Gorilla shareholders will be entitled to receive a pro rata share of 60% of the earnout shares.
The current termination date on the deal is July 13, although the SPAC can now extend that by another three months with permission from the target.
The merger closing is conditioned upon Global delivering at least $50 million in gross cash proceeds, although the $50.1 million in PIPE financing already in place exceeds the minimum cash amount. Global raised $160 million in an April 2021 IPO.
Based in Taiwan, Gorilla Technology is engaged in Edge AI security applications. Read more.