09:04 AM EDT, 09/12/2024 (MT Newswires) -- Gorilla Technology ( GRRR ) said Thursday that it has launched a $6 million share buyback program.

The company said the move comes after its market cap dropped from $650 million to $35 million.

Gorilla Technology ( GRRR ) said it has already agreed to buy back more than 1.1 million shares in privately negotiated transactions, expected to be completed within five days.

Shares of Gorilla Technology ( GRRR ) were up nearly 29% in recent Thursday premarket activity.

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