Gorilla Technology Announces 1-For-10 Reverse Stock Split
Portfolio Pulse from Benzinga Newsdesk
Gorilla Technology Group Inc. (NASDAQ:GRRR) announced a 1-for-10 reverse stock split effective April 15, 2024, aimed at regaining compliance with Nasdaq's minimum bid price requirement by May 1, 2024. The move, approved by shareholders, seeks to enhance market valuation and attract institutional investors. CEO Jay Chandan highlighted the company's strong financial performance and innovation strategy as key to addressing market challenges and driving future success.

April 15, 2024 | 12:03 pm
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Gorilla Technology's 1-for-10 reverse stock split is designed to regain Nasdaq compliance and attract institutional investors, reflecting a strategic move to enhance valuation.
The reverse stock split by Gorilla Technology is a significant move aimed at increasing the stock's market price to meet Nasdaq's minimum bid price requirement, which is likely to have a positive short-term impact on the stock's price. By reducing the number of shares outstanding, the price per share is expected to increase, making the stock more attractive to institutional investors and potentially leading to a more favorable market valuation. This strategic decision, backed by the company's strong financial performance and innovation-driven approach, suggests a positive outlook for the stock in the short term.
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