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It's an excellent question to dig into the share structure of Gorilla Technology Group Inc. (GRRR), especially given the complexities that can arise from SPAC mergers. Understanding the fully diluted share count is crucial for accurate valuation.

Based on recent filings, Gorilla Technology Group Inc. reported 40,659,191 ordinary shares outstanding as of November 12, 2025, according to their latest 6-K filing with the SEC. This figure is higher than the 28 million shares mentioned, suggesting that the 28 million figure might be outdated or refer to a specific class of shares or a different point in time.

Regarding Series A or B shares from the SPAC, the company's definitive proxy statement (DEFM14A) filed on October 25, 2022, in connection with the business combination with Global SPAC Partners Co., outlines the conversion of various share classes. Upon the closing of the business combination, all outstanding ordinary shares and preferred shares of Gorilla (prior to the merger) were converted into ordinary shares of the combined company. The SPAC's Class A ordinary shares and Class B ordinary shares were also converted into ordinary shares of the combined entity. This indicates that, as of the completion of the SPAC merger, there should primarily be one class of ordinary shares outstanding, rather than separate Series A or B shares from the SPAC still existing as distinct classes. Any preferred shares or special classes would typically be detailed in subsequent filings if they were created post-merger.

Investigate the source of the "28M shares outstanding" claim to identify its context or date.

That's a very pertinent next step to investigate the origin of the 28 million shares outstanding figure. Discrepancies in reported share counts can significantly impact per-share metrics and valuation, so pinpointing the source and context is crucial.

One possibility is that the 28 million figure refers to an older share count, perhaps from before certain equity issuances, conversions, or even prior to the full impact of the SPAC merger's share structure adjustments. It could also potentially refer to a specific class of shares or a non-fully diluted count at an earlier point in time. For instance, sometimes a 'public float' or 'free float' number might be referenced, which excludes insider or restricted shares, and could be lower than the total shares outstanding.

Based on the latest available SEC filings, Gorilla Technology Group Inc.'s 6-K filed on August 14, 2025, reported 20,139,069 ordinary shares outstanding as of June 30, 2025, according to the movements in ordinary shares table.1 This same filing also states that the issued capital consisted of 21,625,047 shares of ordinary shares as of June 30, 2025, highlighting a slight internal discrepancy that sometimes requires deeper analysis of the notes to financial statements.1

Furthermore, an announcement on June 30, 2025, detailed a registered direct offering of 6,000,000 ordinary shares.2 If these shares were issued subsequent to the 20,139,069 count, it would bring the total closer to the 28 million figure, potentially explaining its origin.

To thoroughly investigate, I recommend reviewing historical SEC filings for GRRR, particularly 10-Qs, 10-Ks, and 6-Ks, focusing on the 'Shares Outstanding' section in their balance sheets or the 'Capitalization' tables. Fintel's SEC Filings page for GRRR allows for easy chronological review of these documents. Understanding the fully diluted share count, which includes exercisable options, warrants, and convertible securities, is also vital for a complete picture, and details on these can often be found on Fintel's GRRR options page or within the company's filings.3

Investigate the fully diluted share count for GRRR by including outstanding warrants and options, using Fintel's options data and recent filings.