Gorilla announces 1 for 10 reverse stock split

Gorilla Technology Group announced on April 9, 2024 that it will implement a 1-for-10 reverse stock split of its shares, effective April 15, 2024. The reverse split it is intended to regain compliance with Nasdaq’s minimum bid price requirement before the May 1, 2024 deadline. Jay Chandan, CEO of Gorilla, commented, “Despite our robust financial performance in 2023 and a very strong pipeline for 2024, the present market valuation of our shares does not fully capture Gorilla’s intrinsic value. We are proactively addressing these market challenges, utilizing our commitment to innovation, operational excellence, and unwavering customer satisfaction to solidify our leadership in the industry. We deeply appreciate the relentless support from our employees, investors, and board members. This reverse stock split is a key component of our comprehensive strategy designed to fortify Gorilla’s resilience and drive our ongoing success.”