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.
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...