Gorilla Technology drops after $107 mln convertible bond sale

Gorilla Technology

03/06/2026 14:53

** Security intelligence firm Gorilla Technology Group's GRRR.O shares down 19% at $17.65 early Weds, and on course for biggest decline in about a year, after capital raise
** London-based co announces pricing public offering of $107 mln 7.5% convertible bonds due 2031
** Initial conversion price of $25.48 represents 17% premium to stock's last close
** Financing led by Highbridge Capital Management, a current stakeholder, co said
** Co intends to use net offering proceeds to fund purchases of data center equipment for its expanded India AI infrastructure collaboration with Yotta Data Services Private Limited, any remainder for general purposes
** With ~27.65 mln shares outstanding, GRRR had roughly $600 mln market cap as of Tues
** Even with the decline, stock up about 61% YTD
** All 3 analysts covering the stock rate it "buy" with PTs of $31, $39 and $40, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))