Global System Dynamics Inc (GSD) Terminates DarkPulse Deal
by Nicholas Alan Clayton on 2024-01-24 at 11:06am

Global System (NASDAQ:GSD) announced in an 8-K filing this morning that it has mutually terminated its combination with smart cities technology company DarkPulse (OTC:DPLS).

The move came after it received notice that Nasdaq would de-list its shares, following a back-and-forth over the SPAC’s failure to hold an annual meeting for the 2022 fiscal year.

This was significant for the deal, because Global System’s sponsor and already OTC-listed DarkPulse itself were one and these same and providing a path to the Nasdaq appeared to be the transaction’s primary rationale.

In October 2022, DarkPulse bought all 2,623,120 promote shares and 4,298,496 private placement warrants making up the sponsor economics of Gladstone Acquisition Corp. for $1.5 million flat. Two months and a name change later, it announced a $145 million deal to combine essentially with itself.

As a technology company that uses lasers to monitor infrastructure, DarkPulse was likely a very different target than the type Gladstone’s investors originally signed on for, as the SPAC formed itself in 2021 to invest in a target holding agricultural land assets.

As of an August extension vote, 95% of the SPAC’s shares had been redeemed, leaving about $5.2 million in its trust and no concrete committed financing attached. With the Nasdaq door closed and the deal terminated, Global System could be headed for liquidation.

Its transaction deadline is coming up on February 9 and it has not yet scheduled an extension date. Further, it seems unlikely the DarkPulse team is as interested in arranging a combination for a company other than itself.

Recent Posts
by Kristi Marvin on 2024-04-20 at 11:45am

Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...

by Nicholas Alan Clayton on 2024-04-19 at 3:00pm

Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...

by Nicholas Alan Clayton on 2024-04-19 at 7:53am

At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...

by Nicholas Alan Clayton on 2024-04-18 at 11:50am

AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...

by Nicholas Alan Clayton on 2024-04-18 at 7:57am

At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved