Gladstone Acquisition Corp. (NASDAQ: GLEE) has sold all of its sponsor economics to DarkPulse, Inc., which includes 2,623,120 shares of Class B Common Stock and 4,298,496 warrants each of which is exercisable to purchase one share of Class A Common Stock from the original sponsor, for $1,500,000. Additionally, the SPAC has changed its name to Global System Dynamics, Inc., while retaining the symbol GLEE.
In connection with the closing of the purchase agreement, the New Sponsor replaced all of the Gladtone’s current directors and officers with directors and officers of DarkPulse, Inc. The list of resignees consists of David Gladstone, Terry L. Brubaker, Paul W. Adelgren, Michela A. English, John H. Outland, Anthony W. Parker, and Walter H. Wilkinson, Jr., while Michael Malesardi, Michael LiCalsi, Bill Frisbie and Bill Reiman resigned as officers of the Company.
Simultaneously, Geoff Mullins, Wayne Bale, and John Bartrum were appointed as members of the board of directors, and Rick Iler was appointed as Principal Executive Officer, Chief Financial Officer, and Secretary of the Company, Global Systems Dynamics.
The New Sponsor also agreed to make available to the Company, certain office space, utilities, and secretarial and administrative support, and in exchange, the Company will pay the New Sponsor $10,000 per month. In connection with the support agreement, the New Sponsor agreed to waive all claims to seek payment of any amounts due to it out of the trust account established for the benefit of the public stockholders of the Company.
Gladstone raised $104.9 million in its August 2021 IPO and has just under a month left – November 8th, 2022 – to complete a transaction. However, GLEE has the ability to extend one time for 3-months by contributing $0.10 per share to the Trust account, which will be the responsibility of the new Sponsor.
The SPAC was previously sponsored by Gladstone Sponsor, LLC, of which David Gladstone was the primary Manager. Gladstone intended to seek out a target operating in the agricultural technology industry, including farming-related operations and businesses that support the farming industry, but as Global System Dynamics, the new team will be focusing on industries that complement its management team’s background. As such, it intends to capitalize on the ability of its management team to identify and acquire a business where its management team has extensive experience.
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