Gorilla Technology prices $107 million convertible bond offering

Gorilla Technology Group Inc. (NASDAQ: GRRR) announced the pricing of $107 million in 7.50% senior unsecured convertible notes due 2031. The London-based technology company expects the offering to close on or about June 5, 2026, subject to customary closing conditions.

The bonds will be issued at 100% of their principal amount and accrue interest payable semi-annually at 7.50% per annum. The initial conversion rate is set at 39.2425 ordinary shares per $1,000 principal amount of bonds, equivalent to a conversion price of approximately $25.48 per share. This represents a 17% premium over the June 2, 2026 closing price of $21.78 per share.

The conversion price includes two reset mechanisms: a downward reset with a $6.00 per share floor and an upward reset capped at $31.85 per share, representing a 46.25% premium over the recent closing price.

Gorilla Technology plans to use net proceeds to fund the equity portion of data center equipment purchases for its second project with Yotta Data Services Private Limited, which was announced on April 29, 2026. Remaining proceeds will support general corporate purposes.

Highbridge Capital Management LLC, described as a current institutional stakeholder in Gorilla, is leading the financing. Benchmark, a StoneX Company, and StoneX Financial Inc. are serving as joint placement agents.

The bonds are being offered through the company's shelf registration statement on Form F-3 filed with the Securities and Exchange Commission. Gorilla Technology provides solutions in security intelligence, network intelligence, business intelligence and IoT technology globally.

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