Gorilla Technology Takes Strong Stance Against Market Manipulation

Rhea-AI Summary

Gorilla Technology Group Inc. (NASDAQ: GRRR) has issued a strong statement against market manipulation of its stock. The company has been actively investigating suspicious trading activities since August 2023, with further instances identified in June and September 2024. Gorilla has reported its findings to the U.S. Securities and Exchange Commission (SEC) and remains committed to protecting shareholders by combating any behavior that undermines market transparency and fairness.

Additionally, Gorilla has reaffirmed its intention to pursue share repurchases under its recently announced buyback program, expressing confidence that the company's stock is substantially undervalued given its financial performance. The company remains focused on executing its business strategy to deliver continued growth and profitability.

Positive

• Proactive stance against market manipulation
• Ongoing share repurchase program
• Management's confidence in company's undervaluation
• Focus on growth and profitability

Negative

• Suspected ongoing market manipulation attempts
• Multiple instances of suspicious trading activity

News Market Reaction – GRRR

+2.70%

+2.70% Session move

In the trading session that priced this news, GRRR gained 2.70%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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London, United Kingdom--(Newsfile Corp. - October 3, 2024) - Gorilla Technology Group Inc. (NASDAQ: GRRR) ("Gorilla" or the "Company"), today issued a firm statement regarding its uncompromising approach to safeguarding the integrity of its stock. The Company has been relentless in policing trading activities around its securities and is deeply concerned by what it sees as ongoing manipulation attempts.

In August 2023, Gorilla announced that an investigation of suspicious trading activity had uncovered evidence suggesting manipulation of its share price. In June and again in September this year, Gorilla identified further suspicious trading activity. This suspected manipulation was promptly and thoroughly investigated, and the findings have been reported to the U.S. Securities and Exchange Commission (SEC). The Company will not tolerate any actions that undermine the transparency and fairness of the market and Gorilla will continue to actively monitor and combat any such behaviour to protect our shareholders.

We would also like to reaffirm that Gorilla will seek additional opportunities to repurchase more of its shares under its recently announced share buyback programme, reaffirming our belief that the company's stock remains substantially undervalued given the Company's announced financial performance. The Company is focused on continuing to execute on its business strategy and deliver continued growth and profitability.

About Gorilla Technology Group Inc.

Headquartered in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide a wide range of solutions, including, Smart City, Network, Video, Security Convergence and IoT, across select verticals of Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare and Education, by using AI and Deep Learning Technologies.

Our expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for residents.

For more information, please visit our website: Gorilla-Technology.com.

Forward-Looking Statements

This press release contains forward-looking statements, which are based on estimates, assumptions, and expectations. Actual results and performance could differ materially and adversely from those expressed or implied in forward-looking statements. Gorilla does not undertake any obligation to update any forward-looking statements, except as required by law.

Investor Relations Contact:
Dave Gentry
RedChip Companies, Inc.
1-407-644-4256
GRRR@redchip.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225445

FAQ

What actions has Gorilla Technology (GRRR) taken against market manipulation?

Gorilla Technology (GRRR) has been actively investigating suspicious trading activities since August 2023, with further instances identified in June and September 2024. The company has reported its findings to the SEC and remains committed to monitoring and combating any behavior that undermines market integrity.

Has Gorilla Technology (GRRR) announced a share buyback program?

Yes, Gorilla Technology (GRRR) has reaffirmed its intention to pursue additional share repurchases under a recently announced buyback program, expressing confidence that the company's stock is substantially undervalued.

When did Gorilla Technology (GRRR) first identify suspicious trading activity?

Gorilla Technology (GRRR) first announced an investigation into suspicious trading activity in August 2023, with further instances identified in June and September 2024.

What is Gorilla Technology's (GRRR) current focus according to the press release?

According to the press release, Gorilla Technology (GRRR) is focused on continuing to execute its business strategy and deliver continued growth and profitability.