Global SPAC Partners Announces Filing of a Preliminary Extension Proxy Statement for a Shareholder Meeting on July 13, 2022

New York NY, June 30, 2022 (GLOBE NEWSWIRE) -- Global SPAC Partners Co. (“Global”) (Nasdaq: “GLSPU” for units, “GLSPT” for subunits and “GLSPW” for warrants) announces the filing of a preliminary proxy statement, on June 29, 2022 (the “Extension Proxy Statement”), to hold an extraordinary general meeting of its shareholders on July 13, 2022 at 9:00 am Eastern Time (the “Special Meeting”), to extend the date by which Global must consummate an initial business combination to on or before August 13, 2022 or later, as applicable (the “Extension”).

Global has previously announced the proposed business combination and related transactions (the “Transactions”) with Gorilla Technology Group Inc. (“Gorilla”).  As further detailed in the Extension Proxy Statement, if the proposed Extension is approved, the date by which Global must consummate an initial business combination would be extended from July 13, 2022 to August 13, 2022; which date may be further extended to no later than September 13, 2022 if, by August 13, 2022, the Company has called an extraordinary general meeting to approve the Transactions with Gorilla (the "Business Combination Meeting”) and mailed the relevant proxy statement/prospectus in connection with the Transactions, but has not yet held the Business Combination Meeting.

Gorilla has agreed to loan to Global the lesser of $388,447 and $0.045 for each of Global’s public shares that is not redeemed in connection with the Special Meeting. If more than 8,632,155 public shares remain outstanding after conversions in connection with the Extension, then the amount paid per share will be reduced proportionately. For example, if no public shares seek conversion, an aggregate of $388,447 would be contributed and the per-share amount contributed for the Extension would be approximately $0.03 per share. Accordingly, if the Extension is approved and implemented, the redemption amount per share at the Business Combination Meeting or the Company’s subsequent liquidation will be between $10.23 and $10.245 per share (depending on the level of redemptions in connection with the Special Meeting), in comparison to the current redemption amount of approximately $10.20 per share.