Financial Technology
Global System Dynamics, Inc. Announces Sponsors Request for an Additional One-Month Extension to Complete its Initial Business Combination
By Business Wire
Share
HOUSTON--(BUSINESS WIRE)--Global System Dynamics, Inc. (Nasdaq: GSD) (“GSD” or the “Company”) today announced that its sponsor, DarkPulse, Inc. (the “Sponsor“), has requested a one-month extension to complete its initial business combination. Per the terms of the agreement, the Sponsor will deposit an aggregate of $83,947.13 (representing approximately an additional $0.0625 per public share) into the Company's trust account for the benefit of its valued public stockholders. This additional contribution enables the Company to extend the date by which the Company has to complete its initial business combination for an additional one-month extension from February 9, 2023 to March 9, 2023. Such contribution effectively increases the pro rata portion of the funds available in the Company's trust account in the event of the consummation of an initial business combination, liquidation, or other redemption event, by $0.0625 per share. The request is subject to approval by the Company’s Board of Directors. Should the Company’s Board of Directors approve the Sponsor’s request, the Sponsor has until February 9, 2023 to deposit the funds into the Company’s trust account. The Sponsor’s contribution will be funded as a non-interest bearing loan that will either be paid upon earlier of consummation of an initial business combination or the company's liquidation, or, at the lender's discretion and subject to certain conditions, converted upon consummation of the initial business combination into additional units, at a price of $10.00 per unit, identical to the units issued in the Company's private placement that was consummated in connection with the Company's initial public offering.
Rick Iler, CFO of GSD, stated, “Our Sponsor has requested a one-month extension to complete its initial business combination. Should the Company’s Board of Directors approve this request, the Sponsor will contribute additional funds to the trust fund for the benefit of the stockholders of Global System Dynamics. These funds provide for an additional one-month extension which gives us additional time to advance our business combination efforts. Once the business combination is complete, we look forward to building the next great technology company and generating significant shareholder value.”
Here's another interesting article on Top Trends 2023 - Financial Technology
About Global System Dynamics, Inc.
GSD is a newly organized blank check company incorporated in January 2021 as a Delaware corporation formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. GSD has not selected any specific business combination target, and it has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.
While GSD may pursue an acquisition opportunity in any business, industry, sector or geographical location, it intends to focus on industries that complement its management team's background, and to capitalize on the ability of its management team to identify and acquire a business where its management team has extensive experience.
For more information, visit www.gsd.xyz
Safe Harbor Statement
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. All statements other than statements of historical facts included in this news release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our prior filings with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Contacts
Global System Dynamics, Inc.
(703) 287-5800
First published on Tue, Feb 7, 2023
Enjoyed what you read? Great news – there’s a lot more to explore!
Dive into our content repository of the latest tech news, a diverse range of articles spanning introductory guides, product reviews, trends and more, along with engaging interviews, up-to-date AI blogs and hilarious tech memes!
Also explore our collection of branded insights via informative white papers, enlightening case studies, in-depth reports, educational videos and exciting events and webinars from leading global brands.
Head to the TechDogs homepage to Know Your World of technology today!
Disclaimer - Reference to any specific product, software or entity does not constitute an endorsement or recommendation by TechDogs nor should any data or content published be relied upon. The views expressed by TechDogs' members and guests are their own and their appearance on our site does not imply an endorsement of them or any entity they represent. Views and opinions expressed by TechDogs' Authors are those of the Authors and do not necessarily reflect the view of TechDogs or any of its officials. All information / content found on TechDogs' site may not necessarily be reviewed by individuals with the expertise to validate its completeness, accuracy and reliability.
Tags:
Related News on Financial Technology
AI Capital invests in Global Hands-On VC's Fund I
Thu, Feb 2, 2023
By PR Newswire
Coalition Launches Coalition Insurance Company
Tue, Jan 31, 2023
By Business Wire
CFI Celebrates 25 Years of Success and Innovation
Tue, Feb 7, 2023
By PR Newswire
Flashpoint Automates its Venture Scout Program
Tue, Feb 21, 2023
By Business Wire
First Horizon Earns Double Honor From Parity.Org
Fri, May 19, 2023
By PR Newswire
Bramshill Names Nicolas Amato Chief Risk Officer
Tue, Jul 18, 2023
By PR Newswire
TMX Group Announces Agreement To Acquire VettaFi
Thu, Dec 14, 2023
By PR Newswire
Bybit Card Brings Crypto Convenience To Australia
Fri, Mar 8, 2024
By PR Newswire
Join The Discussion