Gorilla Technology registers $125M in convertible notes for resale

Gorilla Technology Group Inc. (NASDAQ: GRRR) has registered $125,000,000 in 7.50% Senior Unsecured Convertible Notes, Series B due 2031, for resale by existing securityholders, according to a prospectus filing.

The notes are convertible into ordinary shares at an initial conversion rate of 39.2425 shares per $1,000 of principal plus accrued and unpaid interest, equivalent to an initial conversion price of approximately $25.4826 per ordinary share.

The notes carry a 7.50% interest rate, computed on the basis of a 360-day year, and are issued in minimum denominations of $1,000. They are senior unsecured obligations, ranking equally with the company's existing and future unsecured, unsubordinated debt.

The company may redeem all or part of the notes at its option after June 15, 2029, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest. In the event of a fundamental change, holders may require the company to repurchase the notes at 100% of the aggregate principal amount plus accrued interest.

The securities will be sold by the named selling securityholders, and Gorilla Technology will not receive proceeds from any such sales. The company will cover certain expenses related to the registration.

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