SPACInsider Logo
Global SPAC Partners (GLSPT) Adds $50.5M PIPE to Gorilla Deal
by Nicholas Alan Clayton on 2022-02-11 at 7:13am

Global SPAC (NASDAQ:GLSPT) announced this morning it has added a $50.5 million PIPE to its transaction with edge AI firm Gorilla.

Importantly, this amount is enough to satisfy the transaction’s minimum cash condition securing the deal’s close. It also came 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.

Global SPAC Chairman Jay Chandan noted in the press release that the move will now allow the team to “turn our full attention to closing the business combination in the second quarter of 2022.” It has not yet set a vote date, but has a transaction deadline coming up on April 13.

The release also notes that, “The number of PIPE subunits the PIPE investors are required to purchase is subject to reduction to the extent they purchase Global subunits in the open market or privately negotiated transactions with third parties and hold and do not redeem such subunits in connection with any redemption conducted by Global.”

This means that this extra funding could be more akin to a backstop, and additional details will be added to Global SPAC’s profile page once they are made available.

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.

Recent Posts
by Nicholas Alan Clayton on 2023-06-07 at 7:33am

Rice II (NYSE: RONI) announced in an 8-K today that its shareholders have approved its combination with energy technology company NET Power with relatively low redemptions. In the end, 21,195,224 shares were redeemed in connection vote, removing 61% of Rice II’s trust. This is the second best result among the 32 deals that have come...

by Nicholas Alan Clayton on 2023-06-07 at 7:04am

Trajectory Alpha (NYSE:TCOA) announced in an 8-K this morning that it has opted to postpone its June 8 extension vote to June 12 at 10 am ET. The SPAC will use this extra time to engage with shareholders at work to reverse redemption decisions. Trajectory Alpha’s team may still be getting acquainted with some major...

by Kristi Marvin on 2023-06-06 at 5:59pm

Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan.  Naturally, this can be challenging to manage. More importantly, it can very...

by Marlena Haddad on 2023-06-06 at 11:34am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...

by Marlena Haddad on 2023-06-06 at 10:15am

Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved