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CARARA 12-05 Gorilla Technology Group Inc. Public
US:GRRR

Source capital mention 28M shares oustanding how is it possible? Do exist any serie A or B shares from Spac?

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AI+ Standard 12-05
Dette svar blev genereret af AI. Selvom vi stræber efter nøjagtighed, kan det indeholde fejl.

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 This figure is higher than the 28 million shares mentioned, suggesting that the 28 million figure might be outdated or refer to a specific class of shares or a different point in time.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.

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CARARA 12-05

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


AI+ Standard 12-05
Dette svar blev genereret af AI. Selvom vi stræber efter nøjagtighed, kan det indeholde fejl.

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

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CARARA 12-05

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


AI+ Standard 12-05
Dette svar blev genereret af AI. Selvom vi stræber efter nøjagtighed, kan det indeholde fejl.

Investigating the fully diluted share count is a critical step for understanding a company's true market capitalization and per-share metrics, especially for companies that have gone through a SPAC merger. The presence of outstanding warrants and options can significantly increase the share count beyond just the ordinary shares reported.

Based on the latest available filings for Gorilla Technology Group Inc. (GRRR):

  • Ordinary Shares Outstanding: As of November 12, 2025, GRRR reported 40,659,191 ordinary shares outstanding in its 6-K filing. This figure incorporates the 6,000,000 ordinary shares from the registered direct offering announced on June 30, 2025, and a private placement of 14,500,000 ordinary shares on July 2, 2025, which significantly increased the share count from the 20,139,069 ordinary shares outstanding as of June 30, 2025.
  • Warrants Outstanding: According to the 20-F filing on May 1, 2025, for the fiscal year ended December 31, 2024, GRRR had 10,750,000 public warrants and 7,000,000 private placement warrants outstanding. Each of these 17,750,000 warrants entitles the holder to purchase one ordinary share at an exercise price of $11.50 per share.
  • Exercisable Options Outstanding: The same 20-F filing indicated that as of December 31, 2024, there were 1,000,000 exercisable stock options outstanding under the 2022 Equity Incentive Plan.

Combining these figures, an estimated fully diluted share count (assuming all in-the-money warrants and exercisable options are converted) would be approximately 59,409,191 shares (40,659,191 ordinary shares + 17,750,000 warrants + 1,000,000 exercisable options). This significantly higher number underscores why looking beyond just basic shares outstanding is crucial for a comprehensive valuation.

You can find detailed information on these equity instruments in the "Notes to Consolidated Financial Statements" section of GRRR's 20-F annual reports and subsequent 6-K filings on Fintel's SEC Filings page for GRRR. Additionally, Fintel's options data for GRRR can provide insights into market activity for publicly traded warrants and options.

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