Global SPAC Partners (GLSPT) Confirms $41.9M PIPE to Gorilla Technology Deal
by Marlena Haddad on 2022-07-08 at 10:11am

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.

 

 

Recent Posts
by Nicholas Alan Clayton on 2024-03-28 at 7:47am

At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...

by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

by Nicholas Alan Clayton on 2024-03-27 at 7:33am

At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....

by Nicholas Alan Clayton on 2024-03-26 at 1:52pm

News and Rumors SpaceNews: Boeing (NYSE:BA) has sued Virgin Galactic (NASDAQ:SPCE) alleging the space tourism venture refused to pay $25 million it owed for design work and violated Boeing’s intellectual property rights. Virgin Galactic combined with Social Capital Hedosophia in 2019. Bloomberg: The most popular options contract for Trump Media (NASDAQ:DJT) predicts it to plunge...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved