Global System Dynamics Inc (GSD) Postpones Extension Vote
by Nicholas Alan Clayton on 2023-07-27 at 6:58am

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.


Recent Posts
by Kristi Marvin on 2023-11-25 at 11:45am

Terms Tracker for the Week Ending November 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This being the Thanksgiving holiday week, we are thankful for a lot of things, but mostly that 2023 is almost over. It’s been a rough...

by Nicholas Alan Clayton on 2023-11-24 at 7:35am

At the SPAC of Dawn Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively. At least seven de-SPACs are also reporting earnings today and will do so going into a futures market that is mostly green...

by Marlena Haddad on 2023-11-22 at 9:45am

IB Acquisition Corp. submitted its S-1 filing Friday afternoon for a $100 million IPO, coming right on the heels of Bayview Acquisition Corp, which also filed its S-1 that day. IB is also similar to Bayview in that its units do not feature a warrant but include 1 right for 1/10. However, its trust is slightly...

by Nicholas Alan Clayton on 2023-11-22 at 8:53am

Integrated Wellness (NYSE:WEL) announced in an 8-K filing that it agreed to transfer control of its sponsor to Sriram Associates, which will now take on the SPAC’s financial obligations and may appoint a new team. Sriram is acquiring 2,012,500 promote shares (70%) and 4,795,000 private placement warrants (70%) for the nominal purchase price of $1....

by Nicholas Alan Clayton on 2023-11-22 at 7:45am

At the SPAC of Dawn So far, seven SPACs have announced their liquidations this week and although some others may choose to use the holiday to quietly disband, this tends to be a positive week for equities in general. Going back to 1961, the S&P 500 has ended the Thanksgiving week with gains three-quarters of...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved