HONG KONG (PinionNewswire) — Sigma Global Fund SPC and Bradbury Private Investments XVI Inc. today issued a strong statement in response to the frivolous and profoundly misleading lawsuit filed by Gorilla Technology Group Inc. (NASDAQ: GRRR). The lawsuit, which alleges stock manipulation and coordinated action, is a transparent and desperate attempt by an entrenched management team to distract from its own failures in corporate governance and business performance, and to retaliate against a lawsuit filed earlier this year by the SPAC Representative, who represents all holders of CVRs (as defined below) including Sigma and Bradbury, against Gorilla to enforce their legally binding contract concerning the distribution of Gorilla shares via Contingent Value Rights (CVRs).
More importantly, Sigma and Bradbury, as disciplined and committed shareholders, have acted in the best interests of all Gorilla stakeholders for many years to prevent the current board from becoming “perpetual directors”. Their actions are a legitimate and necessary exercise of fundamental shareholder rights, aimed at restoring proper oversight and accountability to a Company suffering from a severe lack of corporate governance.
The Right to Governance: A Shareholder’s Prerogative
The central issue in Gorilla’s complaint is a proposed change to the Board of Directors initiated by concerned shareholders in 2023. This proposal is not an “unlawful plot” but a standard, essential mechanism of corporate democracy. As a proactive shareholder, Sigma has an undeniable right to nominate and seek the removal of directors to ensure the Board is acting in the best interests of the Company and its stakeholders. Indeed, the Company’s own press release, by detailing Sigma’s proposal to remove and replace directors, serves as a public admission that the current Board has actively rejected a legitimate exercise of shareholder rights.
It is a matter of public record that Gorilla has failed to hold a single election for its Board of Directors since its DeSPAC transaction. This situation has created a state of perpetual directors, a condition fundamentally antithetical to modern corporate governance standards and a clear sign of a Board more concerned with self-preservation than shareholder value. Sigma’s proposal to refresh the Board is a direct and principled response to this unacceptable lapse in oversight. Furthermore, the Board’s demonstrated disregard for corporate democracy is evident in its decision to ignore not only Sigma’s proposed resolutions to refresh the Board but also those submitted by other concerned shareholders, compounding the serious concerns raised by other unusual transactions.
Debunking the Baseless Allegations of Market Manipulation
The Company’s claim of “market manipulation” is not only baseless but an insult to the intelligence of the investing public.
To begin with, the hastily prepared Complaint makes a fundamental error in confusing a Sigma representative with another person with a clearly different name. In addition to this incompetent showing, the Board’s decision to use this groundless allegation of market manipulation as a pretext to withhold the distribution of escrow shares to CVR Holders is a vengeful and baseless act that demonstrates a profound disregard for the Company’s contractual obligations and the rights of its supportive investors. Gorilla’s own FY 2022 Annual Reports explicitly admitted that its failure to file a timely annual report with the SEC would have triggered forfeiture of the 2022 Earnout Shares to the CVR holders. This represents a clear contradiction between the Company’s public filings and the claims made by its representative in the Complaint. Sigma and Bradbury consider this frivolous lawsuit to be more ridiculous than filing a 2025 complaint against the Dodgers’ catcher Will Smith for slapping Chris Rock at the 2022 Academy Awards.
“This lawsuit is a political maneuver, a desperate attempt to weaponize the legal system to silence and retaliate against legitimate shareholder dissent,” said a spokesperson for Sigma and Bradbury. “We will not be deterred. Our commitment is to the long-term health and success of Gorilla Technology, and that requires a Board that is accountable, knowledgeable, transparent, and focused on creating genuine value, not on protecting its own seats. We call on the current Board to cease this wasteful, distracting litigation and instead focus on the business of the Company.”
Sigma and Bradbury are prepared to vigorously defend themselves against these frivolous claims and will pursue all available legal remedies to ensure the rights of all shareholders and CVR Holders are protected and that the Company is steered toward a path of sustainable and ethical growth.
About Sigma Global Fund SPC and Bradbury Private Investments XVI Inc.
Sigma Global Fund SPC and Bradbury Private Investments XVI Inc. are investment funds committed to fostering strong corporate governance, accountability, and long-term value creation in their portfolio companies.
