Gorilla Technology Takes Action: Addresses Concerns, Increases Buyback

Core Viewpoint - Gorilla Technology Group Inc. (GRRR) is taking measures to stabilize market sentiment and investor trust following recent stock volatility, including a significant share buyback program and clarifications regarding its financial position and project pipeline [1][2][3][4]. Financial Actions - The company expanded its share buyback program from $6 million to $10 million, indicating a belief that its stock is undervalued and aiming to enhance investor confidence [2]. - GRRR has utilized $3.8 million of its initial $6 million share repurchase program [2]. Financial Position - Gorilla Technology reported $47 million in cash reserves and emphasized a project pipeline exceeding $2 billion, which is expected to provide consistent revenue streams and support long-term growth [3]. - The company has a strong project backlog of $93 million, indicating robust future revenue potential [5]. Clarifications and Misconceptions - The recent stock dilution was attributed to previously disclosed conversions of preferred shares and warrant exercises, not new equity issuance [4]. - The company refuted claims of reliance on a single client, highlighting a diverse and expanding contract pipeline across various sectors and regions [4]. Regulatory Concerns - GRRR has gathered evidence suggesting potential illegal market manipulation affecting its stock and has reached out to the U.S. Securities and Exchange Commission for investigation, although progress has been limited [6]. Stock Performance - Over the past year, shares of Gorilla Technology have increased by 127.3%, significantly outperforming the industry average increase of 45.4% [7].