Gorilla Announces $10 Million Registered Direct Offering of Convertible Preferred Stock
Each Series B preference share is convertible into ordinary shares of Gorilla at a conversion price of $1.10 per share.
- Each Series B preference share is convertible into ordinary shares of Gorilla at a conversion price of $1.10 per share.
- Along with the Series B preference shares, Gorilla further agreed to issue to the investors Series B ordinary share purchase warrants (the “Series B warrants”) to purchase up to an aggregate of 8,250,000 ordinary shares of Gorilla.
- The closing of the offering is expected to occur on or about February 20, 2024, subject to the satisfaction of customary closing conditions.
- The gross proceeds to Gorilla from this offering are expected to be approximately $10 million, before deducting the placement agents’ fees and other offering expenses.