Global System Dynamics, Inc. Announces Sponsor Funding of Initial Three-Month Extension to Complete its Initial Business Combination
04 November 2022 - 7:10AM
Global System Dynamics, Inc. (Nasdaq: GSD) (“GSD” or the “Company”)
today announced that its sponsor, DarkPulse, Inc. (the
“
Sponsor”), has deposited an aggregate of
$1,150,000 (representing approximately an additional $0.11 per
public share) into the Company’s trust account for the benefit of
its valued public stockholders. This additional contribution
enables the Company to extend the date by which the Company has to
complete its initial business combination for an initial
three-month extension from November 9, 2022 to February 9, 2023.
Such contribution effectively increases the pro rata portion of the
funds available in the Company’s trust account in the event of the
consummation of an initial business combination, liquidation, or
other redemption event, by $0.11 per share.
Rick Iler, CFO of GSD, stated, “We are very
excited to report that our Sponsor has contributed $1,150,000 in
additional funds to the trust fund for the benefit of the
stockholders of Global System Dynamics. These funds provide not
only for an initial three-month extension which gives us additional
time to advance our business combination efforts but also means
that there are more funds, close to $1,150,000 (prior to any
redemptions) in the SPAC’s trust alone, which could be utilized to
fund the expansion and development plans of GSD’s business
combination target if such business combination is
consummated.”
Mr. Iler added, “Today’s Sponsor contribution
has increased the per share redemption price in connection with the
Extension Amendment by an additional $0.11 per share.”
Today’s Sponsor contribution was funded as a
non-interest bearing loan that will either be paid upon earlier of
consummation of an initial business combination or the company’s
liquidation, or, at the lender’s discretion and subject to certain
conditions, converted upon consummation of the initial business
combination into additional into units, at a price of $10.00 per
unit, identical to the units issued in the Company’s private
placement that was consummated in connection with the Company’s
initial public offering.
About Global
System Dynamics, Inc.
GSD is a newly
organized blank check company incorporated in January 2021 as a
Delaware corporation formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. GSD has not selected any specific business combination
target, and it has not, nor has anyone on its behalf, initiated any
substantive discussions, directly or indirectly, with any business
combination target.
While GSD may pursue
an acquisition opportunity in any business, industry, sector or
geographical location, it intends to focus on industries that
complement its management team’s background, and to capitalize on
the ability of its management team to identify and acquire a
business where its management team has extensive experience.
For more information,
visit www.gsd.xyz
Safe Harbor
Statement
This news release
contains “forward-looking statements” within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Forward-looking
statements, which are based on certain assumptions and describe our
future plans, strategies and expectations, can generally be
identified by the use of forward-looking terms such as "believe,"
"expect," "may," "should," "could," "seek," "intend," "plan,"
"goal," "estimate," "anticipate" or other comparable terms. All
statements other than statements of historical facts included in
this news release regarding our strategies, prospects, financial
condition, operations, costs, plans and objectives are
forward-looking statements. Forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are based only on our current beliefs, expectations and
assumptions regarding the future of our business, future plans and
strategies, projections, anticipated events and trends, the economy
and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict
and many of which are outside of our control. Our actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not rely
on any of these forward-looking statements. Important factors that
could cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following: our ability to successfully
market our products and services; the acceptance of our products
and services by customers; our continued ability to pay operating
costs and ability to meet demand for our products and services; the
amount and nature of competition from other security and telecom
products and services; the effects of changes in the cybersecurity
and telecom markets; our ability to successfully develop new
products and services; our success establishing and maintaining
collaborative, strategic alliance agreements, licensing and
supplier arrangements; our ability to comply with applicable
regulations; and the other risks and uncertainties described in our
prior filings with the Securities and Exchange Commission. We
undertake no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise.
Contact
Global System
Dynamics, Inc.(703) 287-5800
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