Global SPAC shares jumped 62.39% in premarket trading

Global SPAC shares jumped 62.39% in premarket trading.Gorilla Technology Group, a global leader in edge artificial intelligence for security and other applications, and Global SPAC Partners Co.(NASDAQ:GLSPU), a blank check company, entered a business combination agreement.

The combined company will be called Gorilla Technology Group Inc. and is expected to be listed on Nasdaq under the symbol “GRRR”.

The deal values Gorilla at a pro forma enterprise value of about $708 million. It provides up to $169 million in gross proceeds from cash held in Global’s trust account (assuming no redemptions).

In the transaction, a newly formed wholly-owned subsidiary of Gorilla will merge with Global, with Global being the surviving entity and Global shareholders and holders of Global warrants receiving equivalent shares and warrants of Gorilla as the successor public company.

The merger closing is conditioned upon Global having at least $50 million in gross cash proceeds at closing from either Global’s trust account or other sources.

The Board of Directors of Gorilla and Global, respectively, have approved the transaction.

The transaction will require the approval of Global and Gorilla shareholders and is subject to necessary closing conditions.

The transaction is expected to close late in the first quarter of 2022.