Company: GRRR
Filing Date: 2025-07-02
Form Type: 424B5
Source: 0001213900-25-060827
Chunk: 14

Company: Gorilla Technology Group Inc.
Filing Date: 2025-07-02
Form: 424B5
Chunk 14
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87 |
| Dilution per share to new investors purchasing shares in this offering                                                  |     |   |      |     | $ |  9.63 |

| (1) | As adjusted net tangible book value per share and dilution                                                                                   
 per share take into account the net proceeds from the sale of the pre-funded warrants but not the ordinary shares to be issued upon exercise 
 of the pre-funded warrants.                                                                                                                  |

If holders of pre-funded warrants
exercise the pre-funded warrants in full, the as adjusted net tangible book value per share of ordinary shares after giving effect to
this offering would be $6.73 per share, and the dilution in net tangible book value per share to investors purchasing ordinary shares
in this offering would be $10.77 per share.

The above discussion and table
are based on 18,058,135 ordinary shares issued and outstanding as of December 31, 2024 and assumes no exercise of the Placement Agent
Warrants.

To the extent that options
or warrants outstanding as of December 31, 2024 have been or are exercised, or other ordinary shares are issued, investors purchasing
shares in this offering could experience further dilution. In addition, to the extent that additional capital is raised through the sale
of equity or convertible debt securities, the issuance of these ordinary shares could result in further dilution to our shareholders.

<div align='center'>S-10

CAPITALIZATION AND INDEBTEDNESS</div>

The following table sets forth
our consolidated capitalization as of December 31, 2024 on an actual basis, and as adjusted to give effect to the offering, assuming no
exercise of the pre-funded warrants or the Placement Agent Warrants.

The information in this table
should be read in conjunction with the financial statements and notes thereto, the information in the section titled “Item 5: Operating
and Financial Review and Prospects” in our 2024 Form 20-F filed on April 30, 2025 and other financial information included in this
prospectus or any prospectus supplement. Our historical results do not necessarily indicate our expected results for any future periods.

|                                                            |     | As of December 31, 2024 |             |     |                |             |
|:-----------------------------------------------------------|:----|:------------------------|------------:|:----|:---------------|------------:|
|                                                            |     | Actual                  |             |     | As Adjusted(1) |             |
|