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 Marlena Haddad on 2023-12-08 at 1:59pm

Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...

by Nicholas Alan Clayton on 2023-12-08 at 11:12am

Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...

by Marlena Haddad on 2023-12-08 at 10:27am

EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...

by Marlena Haddad on 2023-12-08 at 9:42am

Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...

by Nicholas Alan Clayton on 2023-12-08 at 7:48am

At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved