GRRRW · Gorilla Technology Group Inc.

Gorilla Technology Group Inc. completed a $107 million convertible note offering, a significant capital raise for the company. The notes carry a 7.50% coupon, mature in 2031, and are convertible into ordinary shares at an initial conversion price of approximately $25.48, representing a 17% premium over the June 2 closing price. The conversion price features both a downward reset (floor of $6.00) and an upward reset (cap of $31.85) on March 15, 2027, and other periodic resets, providing flexibility to investors and potential dilution management. Net proceeds of about $102.4 million after placement agent fees are earmarked to fund the equity portion of data center equipment for the company's second project with Yotta Data Services Private Limited, announced April 29, 2026, with remaining funds for general corporate purposes. The offering was placed by Benchmark and StoneX Financial Inc. The company and its directors/officers entered into 120-day lock-up agreements. This financing strengthens Gorilla's balance sheet and supports its growth strategy in data center and AI infrastructure, but also introduces conversion dilution risk for existing shareholders.