<SEC-DOCUMENT>0001213900-22-034976.txt : 20220804
<SEC-HEADER>0001213900-22-034976.hdr.sgml : 20220804
<ACCEPTANCE-DATETIME>20220624180433
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-22-034976
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220624

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gorilla Technology Group Inc.
		CENTRAL INDEX KEY:			0001903145
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		GRAND PAVILION, HIBISCUS WAY
		STREET 2:		802 WEST BAY ROAD
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1205
		BUSINESS PHONE:		886-2-2627-7996

	MAIL ADDRESS:	
		STREET 1:		GRAND PAVILION, HIBISCUS WAY
		STREET 2:		802 WEST BAY ROAD
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1205
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Gorilla Technology Group Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>7F, No.302, Ruey Kuang Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Neihu, Taipei 114720, Taiwan, R.O.C.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">June 24, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VIA EDGAR </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Technology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Kyle Wiley and Joshua Shainess</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.75pt">Re: Gorilla Technology Group Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 93.35pt 0pt 66.6pt"><B>Amendment No. 4 to Registration Statement on Form
F-4 Filed June 13, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 66.6pt"><B>File No. 333-262069</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sir or Madam:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This letter sets forth responses of Gorilla Technology Group Inc.,
a Cayman Islands exempted company (the &ldquo;<B><I>Company</I></B>&rdquo; or &ldquo;<B><I>Gorilla</I></B>&rdquo;), to the comments set
forth in the comment letter of the staff of the Securities and Exchange Commission (the &ldquo;<B><I>Staff</I></B>&rdquo;), dated June
23, 2022 (the &ldquo;<B><I>Comment Letter</I></B>&rdquo;), relating to Amendment No. 4 to the Registration Statement on Form F-4 (File
No. 333-262069) (the &ldquo;<B><I>Registration Statement</I></B>&rdquo;). The Company has also revised the Registration Statement in response
to the Staff&rsquo;s comments, and, concurrently with delivery of this letter, filed with the Securities and Exchange Commission an amendment
to the Registration Statement which reflects these revisions (&ldquo;<B><I>Amendment No. 5</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To assist your review, set forth below in bold are the comments of
the Staff contained in the Comment Letter and immediately below each comment is the response of the Company with respect thereto or a
statement identifying the location in the Registration Statement of the requested disclosure or revised disclosure. Please note that all
references to page numbers in our responses refer to the page numbers of Amendment No. 5. Capitalized terms used but not defined herein
have the meanings ascribed to such terms in Amendment No. 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"><U>Amendment No. 4 to Registration Statement on Form F-4</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 149.7pt 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 149.7pt 0pt 0pt"><U>Unaudited Pro Forma Condensed Combined Financial Information
Contingent Value Rights, page 183</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.8pt; text-indent: -35.35pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: left"><B>We note the revisions made in response to our prior comment
10. Please clarify why no amounts attributable to the issuance of Contingent Value Rights (&quot;CVRs&quot;) are being reported in the
pro forma financial statements. Tell us and disclose how the CVRs will be accounted for upon their inception and subsequently measured.
Please clarify how you &quot;determined that the value will be inherently reflected within the quoted price of Global&rsquo;s shares
used in valuing the consideration given to Global&rsquo;s shareholders&quot; when the CVRs are not yet outstanding and are only being
granted to Global's shareholders and PIPE investors. In addition, tell us how the CVRs issued to the PIPE investors are being accounted
for in the pro forma financial statements. Please provide a comprehensive analysis that supports your accounting and presentation in
the pro forma financial statements.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 0.5in; text-indent: 0pt"><U>Response to Comment 1</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0pt">The CVRs issued to PIPE Investors and
non-redeeming shareholders (the &ldquo;CVR Holders&rdquo;) grant such CVR Holders the right to receive up to 14 million ordinary shares
(the &ldquo;Earnout Shares&rdquo;) in the event the described earnout conditions in Amendment No. 5 starting on page 8 under &ldquo;<I>What
are the contingent value rights</I>&rdquo; are not satisfied (the &ldquo;Earnout Conditions&rdquo;). In such circumstances, the Earnout
Shares would be forfeited and re-issued to the Class A and Class B CVR Holders as described in the sections of Amendment No. 5 entitled
&ldquo;<I>Description of Share Capital&rdquo; </I>and <I>&ldquo;Gorilla Articles &mdash; Contingent Value Rights.</I>&rdquo; The Earnout
Shares are part of the 63,011,828 shares issued and outstanding at closing under &ldquo;Gorilla Shareholders&rdquo; in &ldquo;<I>Questions
and Answers About The Business Combination and The Extraordinary General Meeting &ndash; Q: What equity stake will the current Gorilla
shareholders and Global shareholders hold in the public company immediately after the consummation of the Business Combination?</I>&rdquo;
on page 14 of Amendment No. 5 but will be held in escrow in a segregated escrow account. As certain Earnout Conditions are satisfied,
a portion of the Earnout Shares vest. Any Earnout Share that vests will be disbursed from the escrow account to the Gorilla shareholders.
In the event Earnout Conditions are not satisfied, the Earnout Shares will be forfeited by the Gorilla shareholders and will be disbursed
from the escrow account to Gorilla for cancellation, and reissued and redelivered to the CVR Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">June 24, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-size: 10pt">Page </FONT>2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0pt">The arrangement described above is functionally
an agreement between the two groups of shareholders and will not reduce or increase total issued and outstanding ordinary shares of the
combined company. Accordingly, the shares that are subject to the arrangement are reflected in the calculation of earnings-per-share in
all scenarios. Global and Gorilla also considered the arrangement in connection with the derivation of the IFRS 2 listing charge and determined
that the fair value of the Earnout Shares to be allocated to Global&rsquo;s shareholders (or retained by the Gorilla shareholders) should
be accounted for as a component of the deemed cost of the listing services upon consummation of the Business Combination. However, Gorilla
also determined that the publicly-quoted share price of Global would theoretically reflect the incremental fair value that the Price Protection
and Earnout arrangements will generate for Global&rsquo;s public shareholders and the PIPE Investors and would also theoretically reflect
the reduction in value that may result to Global&rsquo;s shareholders and the PIPE Investors for any value of the Earnout that is retained
by the Gorilla&rsquo;s shareholders given the public investors would fully utilize the announced information to make their decision. As
such, the Company concluded that no additional adjustment is warranted as the fair value of the Earnout Shares will be inherently reflected
within the quoted price of Global&rsquo;s shares used in valuing the consideration given to Gorilla&rsquo;s shareholders, in deriving
the deemed cost of the listing services in Adjustment L of the pro forma financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><U>General</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>2.</B></TD><TD STYLE="text-align: left"><B>With a view toward disclosure, please tell us whether
your sponsor is, is controlled by, or has substantial ties with a non-U.S. person. Please also tell us whether anyone or any entity associated
with or otherwise involved in the transaction, is, is controlled by, or has substantial ties with a non-U.S. person. If so, also include
risk factor disclosure that addresses how this fact could impact your ability to complete your initial business combination. For instance,
discuss the risk to investors that you may not be able to complete an initial business combination with a U.S. target company should
the transaction be subject to review by a U.S. government entity, such as the Committee on Foreign Investment in the United States (CFIUS),
or ultimately prohibited. Further, disclose that the time necessary for government review of the transaction or a decision to prohibit
the transaction could prevent you from completing an initial business combination and require you to liquidate. Disclose the consequences
of liquidation to investors, such as the losses of the investment opportunity in a target company, any price appreciation in the combined
company, and the warrants, which would expire worthless.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 0in; text-indent: 0.5in"><U>Response to Comment 2</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 0.5in; text-indent: 0in">The Company respectfully acknowledges
the Staff&rsquo;s comment and has revised the disclosure on page 77 of Amendment No. 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 40.8pt; text-indent: 40.8pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">June 24, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-size: 10pt">Page </FONT>3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hope that the foregoing has been responsive to the Staff&rsquo;s
comments. If you have any questions related to this letter, please contact Robert S. Matlin at (212) 536-4066 and David A. Bartz at (615)
780-6743 of K&amp;L Gates LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Sincerely, </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 61%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 35%; border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Sih-Ping Koh</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Name: Sih-Ping Koh</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Title: Chief Executive Officer </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Via E-mail:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">cc:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Robert S. Matlin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">David A. Bartz</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><I>K&amp;L Gates LLP</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Matthew A. Gray</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Jessica Yuan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><I>Ellenoff Grossman &amp; Schole LLP</I></FONT></TD></TR>
  </TABLE>



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