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.
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