Gorilla Technology Group Inc. (NASDAQ:GRRR) shares are up Monday after news of a significant development in the company's capital structure last week.
What To Know: On Friday, the company announced the exercise of warrants by a shareholder, injecting nearly $6 million into its reserves. This fresh capital addresses an overhang in the shareholder base.
The company also revealed plans to engage with other investors to strategically acquire their shares and accelerate its share buyback program. These actions are part of Gorilla's broader strategy to optimize its capital structure, strengthen its financial position and support long-term growth. The company emphasized its commitment to maintaining liquidity to execute its pipeline of projects and expand its presence in key markets.
Chairman and CEO Jay Chandan highlighted the removal of this overhang and the additional capital injection position the company to better pursue its growth initiatives. Interim CFO Bruce Bower noted that these steps reflect Gorilla's focus on disciplined financial management while advancing its strategic goals.
"A partial removal of this overhang and the fresh injection of capital further strengthen our position to execute on our growth plans. Our ongoing efforts to engage with the market and optimise our capital structure underscore the confidence we have in Gorilla's future and its potential," Chandan remarked.
GRRR Price Action: Gorilla Technology Group were up 22.54% at $23.14 at the time of publication Monday, according to Benzinga Pro.
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