Lawsuit alleges Sigma and Bradbury engaged in scheme to artificially depress the stock, acquire new shares at nearly no cost and harm all shareholders

London, United Kingdom--(Newsfile Corp. - December 8, 2025) - Gorilla Technology Group Inc. (NASDAQ: GRRR) ("Gorilla" or the "Company") filed a lawsuit on December 8, 2025, against Sigma Global Fund SPC, Sigma Global Fund SPC — Asian High Yield Fixed Income SP, and Sigma Global Fund SPC — Chi Acquisition Corporation (collectively, "Sigma") and Bradbury Private Investments XVI Inc. ("Bradbury"), alleging they obtained substantial shares and rights via Contingent Value Rights (CVRs), then coordinated to manipulate Gorilla's stock price downward and trigger a right to acquire more shares at no additional cost. In doing so, Sigma and Bradbury have damaged the Company, violated their lawful obligations and harmed all shareholders.

"This lawsuit is about more than Gorilla; it is about drawing a line in the sand. We will not allow a few bad actors to manipulate our stock and erode shareholder value through deception and market abuse. Every shareholder deserves better. We are fighting not just for justice, but for accountability," said Jay Chandan, Chairman & CEO. "We are committed to standing up for all our investors, and filing this litigation is a necessary step to protect our Company, and the investment opportunity it represents, from unlawful plots designed to destroy value for the many to enrich the pockets of a few bad actors."

The Company believes these events were deliberately engineered to exploit the CVRs and extract unearned value. In 2022, Gorilla entered into a SPAC merger backed by investors Sigma and Bradbury, who received preferential rights, including CVRs designed to compensate them if Gorilla's stock fell below certain levels. In December of that year, the stock lost over half of its value for no apparent reason. An economic analysis firm found there was no publicly available information to explain the cause of the decline, which triggered distributions of additional shares for Sigma and Bradbury through the CVRs.

The timeline of events leading to this decision is as follows:

• October 2021: Sigma and Bradbury were introduced to Gorilla's management team.
• February 2022: Sigma and Bradbury committed to invest up to $50 million in Gorilla upon closing of the merger.
• March 2022: Sigma demanded Gorilla implement a CVR structure.
• May 2022: Gorilla agreed to amend the terms of Sigma and Bradbury's investment, adding a CVR structure.
• December 2022: Following months of steady returns, Gorilla experiences three separate occasions of statistically significant declines in stock performance, triggering a CVR distribution.
• April 2023: Sigma and its affiliates notified Gorilla CEO, Jay Chandan, of their plans to take over Gorilla through proposals to remove three of the Company's directors—Jay Chandan, Evan Medeiros and Greg Walker-and replace them with individuals nominated by Sigma.
• Summer 2023: An economic analysis firm conducted an investigation into the December stock movements and did not find any publicly available information to explain the abnormal decline.

Gorilla has made the full complaint available to the public [] and will continue to provide updates as the litigation progresses. We believe transparency is essential in protecting shareholder value and maintaining trust. This legal action reflects our commitment to accountability and to ensuring our Company is never undermined by manipulation, deception or abuse.

For the avoidance of doubt, Gorilla does not intend to pursue any claim or otherwise prevent the distribution of shares underlying CVRs that were not held by Sigma, Bradbury, their affiliates or any other party believed to be involved in the manipulative trading activity.

Gorilla previously announced a distribution of shares to holders of CVRs as of December 4, 2025. As noted in the complaint, in connection with that distribution, Gorilla is not distributing any shares underlying CVRs believed to be held by Sigma, Bradbury or their affiliates. In addition, Gorilla does not currently intend to effect such a distribution to any holder that acquired such CVRs from Sigma or Bradbury. Gorilla cannot guarantee that Sigma and Bradbury will not attempt to sell any CVRs they own and discourages investors from attempting to purchase CVRs in the open market.

About Gorilla Technology Group Inc.
Headquartered in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide a wide range of solutions, including Smart City, Network, Video, Security Convergence and IoT, across select verticals of Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare and Education, by using AI and Deep Learning Technologies.

Our expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for residents.

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