Global SPAC Partners (NASDAQ:GLSPT) has confirmed the $41.9 million PIPE for its combination with edge computing firm Gorilla, and waived the minimum cash condition of $50 million.
The funding comes from experienced AI institutional investors that have agreed to purchase 4.15 million PIPE subunits, at a price of $10.10 per subunit. Furthermore, Gorilla notified Global that it would waive the $50 million minimum cash condition to close the transactions, such that the condition would be fulfilled with the amount of total investment committed by the PIPE Investors which is a minimum cash of $41.9 million.
Back in May, the SPAC made several changes to its transaction in an effort by both Global SPAC and Gorilla to get this deal over the finish line by offering incentives to all parties – SPAC shareholders and PIPE investors alike. The long list of amendments covered a range of topics within the business combination including contingent value rights, the earnout, covenants regarding additional financing, the termination as well as other related agreements including subscription agreements and the letter agreement.
As background, Global SPAC Partners originally brought about $169.2 million into the deal from its current trust and at the time of deal announcement, had not yet supplemented with a PIPE. The SPAC added a $50.5 million PIPE to its transaction earlier this year in February under the same terms as the deal’s IPO with subunits purchased at $10.10. These contain both a share and a 1/4 warrant.
The parties initially announced their $708 million deal on December 22. Taipei, Taiwan-based Gorilla provides AI-enabled hardware and software for traffic management and security monitoring.
Terms Tracker for the Week Ending September 22, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs finally saw two new S-1 filings this week, the first to file since August 24th. Hainan Sirius Acquisition Corp. filed first on Thursday and...
Latest SPAC Liquidations: LF Capital Acquisition Corp. II LF Capital Acquisition Corp. II (LFAC) to Liquidate on October 3, 2023 LF Capital Acquisition Corp. II (Nasdaq: LFAC), today announced that the directors of the Company have determined to dissolve and liquidate the Company. The redemption of the Public Shares is expected to be completed on...
Latest Non-Redemption Agreements: Yotta Acquisition Corp.,Live Oak Crestview Climate Acquisition Corp. Yotta Acquisition Corp. (YOTA) Adds Non-Redemption Agreements Yotta Acquisition Corp. (NASDAQ:YOTA) entered into non-redemption agreements with certain unaffiliated third parties in exchange for such third parties agreeing not to redeem an aggregate of 598,680 shares of the Company’s common stock. In exchange for the foregoing...
Twin Ridge (NYSE:TRCA) announced this afternoon that it plans to convene and then adjourn its extraordinary general meeting of its shareholders originally to be held on September 26 at 11:30 a.m., Eastern Time. Twin Ridge intends to hold the new meeting at 11:30 a.m., Eastern Time, on October 3, 2023. Additional details were not given as to...
Social Leverage Acquisition Corp I (Nasdaq: SLAC) and W3BCLOUD Holdings Inc. announced this afternoon that they have mutually agreed to terminate their business combination agreement. The reasons cited were once again “due to existing market conditions”, which most likely implies the current capital market conditions as well as the fact that W3BCLOUD works within the...