Gorilla Technology Shares Plunge After Nvidia-Fueled Rally Reverses

Gorilla Technology Group Inc. (NASDAQ:GRRR) shares plunged on Thursday, reversing a strong rally from the previous session that was driven by trader enthusiasm over the company’s listing as an NVIDIA Corp.’s (NASDAQ:NVDA) NVIDIA Solutions Partner on its website.

This designation suggests a deeper collaboration with NVIDIA, potentially giving Gorilla access to advanced AI tools and enhancing its market credibility. While no formal press release has been issued, the partnership has already sparked strong investor interest.

On July 3, Gorilla announced a $105 million registered direct offering, anchored by a $100 million investment from a new institutional investor. An existing shareholder also increased its position. The company will issue 6 million ordinary shares at $17.50 per share, with proceeds allocated to support performance guarantees, bid bonds, project bids, acquisitions, and general working capital.

Also Read: Gorilla Technology Stock Surges On Q1 Earnings As Momentum Builds

Separately, Gorilla also announced a definitive agreement to acquire Thai tech firms CNS and CANS, aiming to expand its AI-powered customer engagement platform across Southeast Asia.

The acquisition adds a client base of more than 200 businesses and nationwide coverage across Thailand’s 77 provinces, creating new recurring revenue opportunities in the telecom, government, and enterprise sectors.

GRRR shares have fallen sharply, down about 52% from their 52-week high of $44.15 to recent lows near $21 in early July. Despite the pullback, the stock remains up approximately 16.4% year-to-date and trades within a wide 52-week range of $2.09 to $44.15.

Price Action: At the last check on Thursday, GRRR shares were trading lower by 14.63% to $20.71.

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