TOTAL FULLY DILUTED

Excellent question. Tracking the fully diluted share count is crucial for understanding potential shareholder dilution, especially with a company like Gorilla that has a complex history involving a SPAC merger and subsequent financings.

Here is a breakdown of the capital structure based on the company's most recent interim financial report, filed in August 2025 for the period ending June 30, 2025.

GRRR Capital Structure Breakdown

• Ordinary Shares Outstanding: As of June 30, 2025, Gorilla Technology reported 20,139,069 ordinary shares outstanding.1 This is the baseline figure for the company's publicly traded stock.

• Public Warrants (GRRRW): There were 958,272 public warrants outstanding.1 These are a legacy of the original de-SPAC transaction with Global SPAC Partners. It is critical to note the following terms from the filing:

• Exercise Price: $115.00 per share.1

• Expiration: Five years from the merger closing date, placing their expiration in mid-2028.1 Due to the very high exercise price, these warrants are not currently dilutive and would only become a factor if the share price appreciated substantially.

• Other Dilutive Securities:

• Employee Options: The company had 48,900 stock options outstanding with a weighted average exercise price of $11.66.1

• Private Warrants & Convertibles: The filings show significant activity here. Many series of private warrants and convertible preferred shares have been exercised and converted into ordinary shares throughout 2024 and 2025.1 This activity is a primary reason for the increase in the ordinary share count.

In summary, while the basic outstanding share count is the most relevant figure for now (~20.14M), the main overhang from the SPAC deal are the nearly 1 million public warrants. However, their dilutive effect is negligible unless the stock price moves toward $115.

To stay current, I recommend watching the "Share capital" (Note 19) and "Warrant liabilities" (Note 17) sections of Gorilla's SEC filings, which you can find on the Fintel GRRR profile page.

Fully diluted OS (shares and warrant not excercised) considering also the ones held by Global Spac

How many shares and warrants of Gorilla Technology owns GLOBAL SPAC PARTNERS CO. that are not yet included in Gorilla Technology's OS?

It's an excellent point to focus on the fully diluted share count, especially given the history of Gorilla Technology Group Inc. (GRRR) and its SPAC merger with Global SPAC. Understanding all potential sources of dilution is critical for a complete valuation picture.

Here's an updated look at the fully diluted share count, incorporating the latest available information from SEC filings as of June 30, 2025:

Fully Diluted Share Count Analysis for GRRR

• Ordinary Shares Outstanding: As of June 30, 2025, Gorilla Technology reported 20,139,069 ordinary shares outstanding. This is the base number of shares currently traded.

• Public Warrants (GRRRW) from Global SPAC:

• There are 958,272 public warrants outstanding. These warrants are a direct result of the de-SPAC transaction with Global SPAC Partners.

• Crucially, these warrants have an exercise price of $115.00 per share.

• They expire five years from the merger closing date, which places their expiration in mid-2028.

• Given the current trading price of GRRR (which was around $0.20 as of December 2025), these warrants are significantly out-of-the-money and therefore not currently dilutive. They would only become a source of dilution if the stock price were to rise dramatically above $115.00.

• Employee Stock Options:

• The company also had 48,900 stock options outstanding with a weighted average exercise price of $11.66.

• These options are also currently out-of-the-money and thus not dilutive at the current share price.

• Other Convertible Securities:

• Throughout 2024 and 2025, Gorilla Technology has seen the conversion and exercise of various private warrants and convertible preferred shares into ordinary shares. This activity has already contributed to the increase in the ordinary shares outstanding number to its current level of 20.14 million. The latest filing indicates that most significant convertible instruments have either been converted or are no longer outstanding.

Current Practical Dilution

Considering the current share price, the most relevant "fully diluted" share count for immediate practical purposes is essentially the 20,139,069 ordinary shares outstanding. The public warrants and employee options, while existing, do not currently exert a dilutive effect due to their high exercise prices relative to the current stock price.

For investors, it's important to monitor the "Share capital" (Note 19) and "Warrant liabilities" (Note 17) sections in Gorilla's interim and annual reports, which you can access on the Fintel GRRR profile page, to track any changes in these figures or the terms of outstanding securities.