What are the specific terms and dilution impact of the $105 million equity offering completed July 2025?

Gorilla Technology Group Inc. (NASDAQ: GRRR) completed a registered direct offering in July 2025, raising approximately $105 million through the issuance of 6,000,000 ordinary shares (or pre-funded warrants in lieu thereof) at an offering price of $17.50 per share. The offering was led by a $100 million investment from a new institutional investor, with additional participation from an existing shareholder.1

Key Terms of the Offering:

• Total Proceeds: Approximately $105 million, before deducting placement agent fees and other offering expenses.1
• Securities Offered: 6,000,000 ordinary shares or pre-funded warrants.1
• Offering Price: $17.50 per ordinary share.1
• Lead Investors: A single new fundamental institutional investor committed $100 million, alongside a large existing shareholder.1
• Placement Agent: Titan Partners Group, a division of American Capital Partners, acted as the sole placement agent.1
• Purpose of Proceeds: The net proceeds are intended for working capital needs, including establishing performance guarantees or bid bonds, meeting statutory capital reserves for project bids, funding previously announced acquisitions, and for other general corporate purposes.1 The company also stated the funds would be used to secure future contracts and drive expansion.2
• Closing Date: The offering was expected to close on or about July 2, 2025.1

Dilution Impact: Prior to the offering, the basic weighted average ordinary shares outstanding for the six months ended June 30, 2025, were 19,819,284.2 With the issuance of 6,000,000 new shares, the total number of ordinary shares outstanding increased to approximately 25,819,284 (19,819,284 + 6,000,000). This offering resulted in an approximate dilution of 23.23% for existing shareholders.