Global System (NASDAQ:GSD) announced this morning that it has postponed its July 31 extension vote to 10 am ET August 7.
Shareholders at the meeting will vote on a proposal allowing it to extend its transaction deadline by one month up to six times, pushing it to February 9 at a maximum. This would not be accompanied by contributions to its trust, but the SPAC does already have a business combination in hand.
It announced a $145 million combination with smart cities firm DarkPulse (OTC:DPLS) in December. Houston-based DarkPulse uses laser-based systems to monitor the structural integrity of infrastructure for industrial and government clients.
Global System has about $14.6 million in its current trust and a redemption rate of $10.73. It last closed at $10.43 and shareholders will now have until 5 pm ET, August 3 to make their redemption decisions.
The SPAC has not yet updated its plans to raise a PIPE of at least $5 million at announcement, but the transaction does not include a minimum cash condition.
DarkPulse reported a -$14.6 million operating loss on $1.5 million in revenue in the first quarter of 2023, down from $2 million in revenue for a -$5 million operating loss in the same period in 2022.
SEC Chair Gary Gensler made waves with public remarks last week noting that the agency would be looking at potentially making enforcement actions against companies found to be “AI-washing” their descriptions of business operations, claiming to have an artificial intelligence angle where one does not exist. He did not connect this issue with SPACs directly,...
At the SPAC of Dawn This week is set to see SPACs rush to tie up business combinations nicely in a bow before the final two weeks of the year. Eight SPACs currently have completion votes on the docket this week, while there are currently just four more booked for the rest of 2023. Eight...
SportsMap Tech Acquisition Corp. (NASDAQ:SMAP) announced this morning that its shareholders approved its business combination with intelligent thermal imaging provider Infrared Cameras Holdings (ICI) during a special meeting on December 8. A total of 3,829,673 shares of the common stock, representing approximately 73.86% of the issued and outstanding shares, were present at the meeting, constituting...
Terms Tracker for the Week Ending December 8, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Well that escalated quickly. While last week was quiet, this week was far busier. SPACs saw one IPO start trading after pricing on Friday of...
Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...