SPACInsider Logo
Gladstone Acquisition Corp. (CLEE) Sponsor Sells Entire Interest to DarkPulse, Inc.
Gladstone Acquisition Corp. (CLEE) Sponsor Sells Entire Interest to DarkPulse, Inc.
by sam.beattie on 2022-10-13 at 12:09am

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.

 

Recent Posts
by Marlena Haddad on 2022-11-28 at 12:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  Virgin Galactic appoints new top lawyer, Trump Media SPAC rises after investors approve merger deadline extension, and Al Maadeed to be first Qatari to list company on NYSE Virgin Galactic, Preparing for Liftoff,...

by Nicholas Alan Clayton on 2022-11-25 at 2:31pm

PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet. The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices. PMV Consumer will then...

by Marlena Haddad on 2022-11-25 at 11:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Ex-Marvel chief takes the wheel at Arrival, Paysafe plans reverse stock split, and Dave Inc. to pursue a bank charter Founder of troubled electric van maker Arrival steps aside as CEO The founder...

by Nicholas Alan Clayton on 2022-11-25 at 7:31am

Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023. This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November....

by Marlena Haddad on 2022-11-23 at 4:49pm

Venus Acquisition Corp. (NASDAQ:VENA) announced this afternoon that it has secured an investor for a backstop agreement in connection to its business combination with VIYI Algorithm. Venus and its sponsor, Yolanda Management Corporation, entered into a backstop agreement with Joyous JD Limited to purchase VENA shares from third parties through a broker in the open market, or...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved