Gorilla Technology Prices $125 Million Convertible Notes as Stock Drops 28%

Overview

• Gorilla priced $125 million of 7.50% senior unsecured convertible notes on Wednesday, July 15, and the stock fell about 28.38% to close at $12.01 that day after heavy early selling.
• The notes mature in 2031, pay 7.50% interest semi‑annually, and may allow interest to be paid in ordinary shares if contract conditions are met.
• Each $1,000 of principal initially converts into 39.2425 ordinary shares, an implied conversion price of roughly $25.48 per share, with reset provisions that set a floor at $8.00 and a cap at $31.85325.
• The securities were sold in a Section 4(a)(2) private placement to qualified institutional buyers and are unregistered at issuance; the deal is expected to close on July 17 subject to customary conditions.
• Gorilla said most proceeds will go to advance the NeutraDC Batam data‑center project and that it will file a Form 6‑K now and seek a Form F‑3 resale registration later, a step that will affect when conversion shares can be sold and how dilution is realized for investors.