Gorilla announces share buyback of up to $6M

The company said, “Gorilla Technology Group is thrilled to announce an ambitious and strategic share buyback program, aimed at addressing what we believe to be a significant undervaluation of our shares. This initiative comes in response to the sharp decline in the Company’s market cap from approximately $650M to $35M, in spite of our strong business performance. The share buyback will help realign Gorilla’s stock price with our assessment of its intrinsic value and support our long-term strategic objectives.” The Board of Directors has authorised the repurchase of up to $6 million worth of shares under this buyback programme. Under this program, Gorilla has entered into several privately negotiated transactions with existing shareholders to repurchase over 1.1 million of its ordinary shares, which transactions are expected to close over the next five business days. The Company will continue to opportunistically pursue additional share repurchases so long as this undervaluation persists.