Gorilla Technology addressed concerns, increased buyback program, reported strong financial position

From Nasdaq
January 14, 2025 10:38:00 AM:

Shares of Gorilla Technology Group Inc. (GRRR) rose 3.6% on Monday after a 30.4% drop on Friday. The company took actions to address market concerns, expanding its share buyback program to $10 million to boost investor confidence in its undervalued stock. It emphasized its strong financial position with $47 million in cash reserves.

Gorilla Technology clarified recent stock dilution was from conversions of preferred shares and warrant exercises, not new equity issuance. It denied heavy reliance on a single client, highlighting a diverse contract pipeline. The company reported progress on major projects, a strong backlog of $93 million, and plans for quarterly financial reporting in 2025.

GRRR stated it has evidence of possible illegal market manipulation activities affecting its stock. It reached out to the SEC for investigation but has seen limited progress. The stock has gained 127.3% in the past year, outperforming the industry. The company is committed to addressing concerns and protecting shareholder interests.

Gorilla Technology currently holds a Zacks Rank #3 (Hold). Better-ranked stocks in the Business Services sector include Coinbase Global, Inc. (COIN) with a Zacks Rank #1 (Strong Buy), First Advantage Corporation (FA) and GigaCloud Technology Inc. (GCT) with a Zacks Rank #2 (Buy) each. These stocks show strong potential for growth and profitability in the current market climate.

Read more at Nasdaq.: Gorilla Technology Takes Action: Addresses Concerns, Increases Buyback