Gorilla Technology Stock Pops On Closure Of ATM Program: Retail Remains Extremely Bullish

Shares of Gorilla Technology Inc. (GRRR) popped over 15% in mid-day trade on Monday as the company announced the closure of its at-the-money (ATM) program.

Gorilla Technology ended its ATM offering, which was first announced in January, to prevent further dilution of shareholders.

The London-headquartered company entered into an agreement in 2023 with Cantor Fitzgerald & Co. to sell equity worth up to $100 million through an at-the-money program. This has now been terminated.

The company said it is doing so to “prioritize shareholder interests” by preventing potential market concerns around stock dilution.

“By closing our ATM program, we are ensuring that shareholder value remains protected while reinforcing our position as a disciplined and strategic company. Our focus remains on strong execution, revenue expansion and delivering long-term value to our investors,” said Jay Chandan, Chairman & CEO of Gorilla Technology.

Earlier in January, analysts at Northland raised their price target for Gorilla Technology to $18 from $13, while maintaining an ‘Outperform’ rating on the stock, according to TheFly.

The brokerage expressed optimism about Gorilla Technology reaching the upper end of its fiscal 2025 guidance. It also underscored that Gorilla Technology has an order backlog that accounts for 50% of its 2026 goals.

On Stocktwits, retail sentiment around the Gorilla Technology stock improved, hovering in the ‘extremely bullish’ (85/100) territory. Message volume edged up, too, while staying in the ‘high’ zone.

One user expressed their upbeat sentiment after the stock’s recent surge.

Gorilla Technology’s stock has almost doubled in the past month, gaining over 87%.

However, its six-month performance has been far more stellar, with the stock skyrocketing by over nine times.

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