How Does The Gorilla Technology (GRRR) Stock Price Increase By 19% Afte-Hours?

Shares of Gorilla Technology Group Inc. (NASDAQ: GRRR), a supplier of edge video analytics, IoT technologies, and cybersecurity solutions, were up 19.36% to $9.68 at the time of the most recent check in after-hours trading.

Where GRRR anticipates a major contract?

Gorilla Technology (GRRR) said that a Middle Eastern government agency working on Smart Cities has expressed its desire to work with the business to create a comprehensive cybersecurity solution for one or a number of the cities currently under construction. Final details are now being negotiated, and Gorilla Technology anticipates signing a contract and starting deployment in the initial half of 2023. The proposed project will significantly boost GRRR’s income projection for 2023. As part of its recently established globalization plan targeting Europe, the Middle East, and North Africa, this agreement represents GRRR’s first client victory in a new region. The agreement supports GRRR’s plan to broaden its geographic reach to include the MENA area and establish itself as a global leader in AI-based cybersecurity and video analytics. This chance propels GRRR up the cybersecurity market’s value chain, making it one of the top international suppliers of cutting-edge AI-based cybersecurity solutions & analytics. The expansion of smart cities and government infrastructure investment are driving up demand for cybersecurity and surveillance on a worldwide scale, according to Gorilla Technology. GRRR intends to actively explore possibilities to build safe cities on the basis of its security convergence product in order to continue its business growth in the MENA area.

Other 2022 highlights for Gorilla include

  • Gorilla Technology merged with Global SPAC Partners in July to become a publicly traded business on Nasdaq. This is one of the firm’s other 2022 highlights.
  • Following the retirement of firm founder Dr. Spincer Koh, GRRR named Executive Chairman Jay Chandan CEO in order to guide the business during its upcoming period of expansion.
  • Through deliberate purchases of complementary technology, the firm expanded its goal to establish itself as a market leader in cutting-edge AI video analytics and security convergence solutions.

How would the potential deal aid GRRR in the future?

With this very vital market entrance, GRRR’s efforts to become worldwide are up and running. Gorilla Technology (GRRR) is thrilled by its momentum as GRRR moves into the new year with a solid pipeline for 2023 continuing the enormous progress achieved in 2022 toward its globalization plan.

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