Gorilla Technology Stock Surges Over 50%

Shares of Gorilla Technology Group Inc. (GRRR) surged over 50% on Wednesday morning. The other day, the company revealed that a government agency of a Middle Eastern country developing Smart Cities has communicated its intent to engage Gorilla to implement an expansive cybersecurity solution for one or more cities under development.

GRRR is currently trading at $6.88, up $2.39 or 53.12%, on the Nasdaq, on a heavy volume of 1.3 million, compared to average volume of 7.5 million. The stock opened its trading at $4.69 after closing previous day at $4.49. The stock has traded between $2.62 and $51.00 in the past 52-week period.

Gorilla said it is negotiating final details and expects to execute a contract and begin implementation in the first half of 2023. The anticipated project is a strong addition to the company's 2023 revenue forecast.

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