Global SPAC Partners Announces Confirmation of $41.9 million PIPE Financing and Gorilla's Waiver of $50 million Minimum Cash Condition

New York NY, July 08, 2022 (GLOBE NEWSWIRE) -- Global SPAC Partners Co. ("Global") (Nasdaq: "GLSPU" for units, "GLSPT" for subunits and "GLSPW" for warrants) announces the confirmation of a $41.9 million PIPE financing. Pursuant to the Amended PIPE Subscription Agreement (as further described below) in connection with the proposed business combination between Global and Gorilla Technology Group Inc. ("Gorilla"), on July 7, 2022, the PIPE Investors (as defined below) confirmed to Global their commitment to purchase 4.15 million PIPE subunits, at a price of $10.10 per subunit (the "PIPE subunits"), for a total investment amount of $41.9 million. Furthermore, Gorilla notified Global that it would waive the $50 million minimum cash condition to close the Transactions, such that the condition would be fulfilled with minimum cash of $41.9 million, the amount of total investment committed by the PIPE Investors. As previously announced, Gorilla has filed with the U.S. Securities Exchange Commission (the "SEC") a definitive merger proxy statement (the "Merger Proxy Statement"), to hold an extraordinary general meeting of its shareholders on July 13, 2022 at 11:00 am Eastern Time (the "Special Meeting"), to consummate the initial business combination with Gorilla. Global's shareholders and other interested persons are advised to read the Merger Proxy Statement. Shareholders are able to obtain copies of the Merger Proxy Statement and other relevant materials filed with the SEC, without charge, at the SEC's web site at www.sec.gov , or by directing a request to Global's proxy solicitation agent at the following address and telephone number: Advantage Proxy, Inc., P.O. Box 13581, Des Moines, WA 98198, Attn: Karen Smith, Toll Free Telephone: (877) 870-8565, Main Telephone: (206) 870-8565, E-mail: ksmith@advantageproxy.com . About the Amended PIPE Global announced on February 10, 2022 that it had entered into subscription agreements (the "Original Subscription Agreements") with experienced AI institutional investors (the "PIPE Investors") to purchase $50.5 million of private placement securities in Global (the "PIPE"), in connection with the closing of the Business Combination and the other transactions contemplated by the Amended Business Combination Agreement, by and between Global, Gorilla and the other parties thereto (the "Amended BCA") (the "Transactions"). The PIPE, as contemplated by the Original Subscription Agreements, consisted of the sale of 5 million PIPE subunits, with each PIPE subunit identical to the subunits included as part of the public units sold in Global's initial public offering. On May 18, 2022, Global and the PIPE Investors amended the terms of the Original Subscription Agreements, pursuant to which the PIPE Investors were provided  the unilateral right for any reason to reduce the number of PIPE subunits they will purchase from an aggregate of 5 million PIPE subunits to an aggregate of 3 million PIPE subunits, at the same price of $10.10 per PIPE subunit. On July 7, 2022, the PIPE Investors notified Global that they would reduce the number of PIPE subunits they would purchase from 5 million to 4.15 million, for a total purchase price of $41.9 million. The number of PIPE subunits the PIPE Investors are required to purchase is also subject to reduction to the extent they purchase Global subunits in the open market or privately negotiated transactions with third parties and hold and do not redeem such subunits in connection with any redemption conducted by Global. For further information, please refer to Global's Current Reports on Form 8-K, filed on February 11, 2022 and May 18, 2022 respectively, with the SEC. About Gorilla Technology Group Inc. Gorilla, headquartered in Taipei, Taiwan, is a global leader in security intelligence, network intelligence, business intelligence and IoT technology. Gorilla develops a wide range of solutions including Smart Cities, Smart Retail, Enterprise Security, and Smart Media. In addition, Gorilla provides a complete Security Convergence Platform to government institutions, Telecom companies and private enterprises with network surveillance ... Full story available on Benzinga.com