GRRRW · Gorilla Technology Group Inc.

This is a significant capital raise for Gorilla Technology, a foreign private issuer. The offering is tied directly to the Company's NeutraDC Batam data center project in Indonesia, announced June 23, 2026. The use of proceeds indicates a commitment to a large infrastructure investment. The convertible notes carry a 7.50% coupon, which is relatively high for a convertible, but the conversion premium of 52% offers upside participation. The reset features are notable: a downward reset floor at $8.00 provides protection for investors but could increase dilution if stock price falls; an upward reset cap at $31.85 provides some upside to the company. The ability to pay interest in stock could help preserve cash. The lock-up agreements ensure insider alignment. The offering was done through Benchmark and StoneX, with fees structured progressively. The registration rights agreement will facilitate resale of the notes and underlying shares, which may increase liquidity. Overall, this financing provides substantial capital for Gorilla's data center expansion but increases leverage and potential dilution. The negative covenant prohibiting senior debt without consent protects noteholders.