Global SPAC Partners filed a preliminary prospectus asking shareholders for a deadline extension to complete its proposed merger with Gorilla Technology Group until at least Aug. 13. The current deadline is July 13.
Global in a press release said the outside completion date would be Sept. 13.
Gorilla has agreed to loan to Global the lesser of $388,447 or 4.5 cents a share for each of Global’s public shares not redeemed in connection with the extension vote. If more than 8,632,155 public shares remain outstanding after conversions, then the amount paid per share will be reduced proportionately. For example, if no public shares seek conversion, an aggregate of $388,447 would be contributed and the per-share amount contributed for the Extension would be approximately 3 cents per share. If the extension is approved and implemented, the redemption amount per share will be between $10.23 and $10.245 per share (depending on the amount of redemptions), in comparison to the current redemption amount of approximately $10.20 per share.
The deal is valued at $708 million.
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.
