Company: GRRR
Filing Date: 2025-07-02
Form Type: 424B5
Source: 0001213900-25-060827
Chunk: 13

Company: Gorilla Technology Group Inc.
Filing Date: 2025-07-02
Form: 424B5
Chunk 13
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S-9

DILUTION</div>

If you invest in this offering,
your ownership interest will be diluted to the extent of the difference between the public offering price per ordinary share and the as
adjusted net tangible book value per ordinary share after giving effect to this offering. We calculate net tangible book value per ordinary
share by dividing the net tangible book value, which is total tangible assets less total liabilities, by the number of outstanding ordinary
shares. Dilution represents the difference between the price per ordinary share paid by purchasers of ordinary shares in this offering
and the as adjusted net tangible book value per ordinary share of our ordinary shares immediately after giving effect to this offering.
Our net tangible book value as of December 31, 2024 was approximately $63.56 million, or $3.52 per ordinary share.

After giving effect to the
sale of 2,529,946 ordinary shares at an offering price of $17.50 per share and pre-funded warrants to purchase 3,470,054 ordinary shares
at the offering price of $17.4999 per pre-funded warrant (which equals the offering price per share of our ordinary shares less the $0.0001
per share exercise price of each such pre-funded warrant) (and excluding ordinary shares issued and any proceeds received upon exercise
of the pre-funded warrants or any resulting accounting associated with the pre-funded warrants), our as adjusted net tangible book value
as of December 31, 2024, would have been approximately $161.98 million, or $7.87 per ordinary share. This represents an immediate increase
in the net tangible book value of $4.35 per ordinary share to our existing shareholders and an immediate dilution in net tangible book
value of $9.63 per ordinary share to new investors.

The following table illustrates this per ordinary
share dilution:

| Public offering price per ordinary share                                                                                |     |   |      |     | $ | 17.50 |
| Net tangible book value per ordinary share as of December 31, 2024                                                      |     | $ | 3.52 |     |   |       |
| Increase in net tangible book value per ordinary share attributable to this offering                                    |     | $ | 4.35 |     |   |       |
| As adjusted net tangible book value per ordinary share as of December 31, 2024, after giving effect to this offering(1) |     |   |      |     | $ |  7.