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.
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