Global System Dynamics, Inc. Announces Sponsor’s Request for an Additional One-Month Extension to Complete its Initial Business Combination
HOUSTON–(BUSINESS WIRE)–Global System Dynamics, Inc. (Nasdaq: GSD) (“GSD” or the “Company”) today announced that its sponsor, DarkPulse, Inc. (the “Sponsor“), has requested a one-month extension to complete its initial business combination. Per the terms of the agreement, the Sponsor will deposit an aggregate of $83,947.13 (representing approximately an additional $0.0625 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 additional one-month extension from February 9, 2023 to March 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 $0.0625 per share. The request is subject to approval by the Company’s Board of Directors. Should the Company’s Board of Directors approve the Sponsor’s request, the Sponsor has until February 9, 2023 to deposit the funds into the Company’s trust account. The Sponsor’s contribution will be 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 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.
Rick Iler, CFO of GSD, stated, “Our Sponsor has requested a one-month extension to complete its initial business combination. Should the Company’s Board of Directors approve this request, the Sponsor will contribute additional funds to the trust fund for the benefit of the stockholders of Global System Dynamics. These funds provide for an additional one-month extension which gives us additional time to advance our business combination efforts. Once the business combination is complete, we look forward to building the next great technology company and generating significant shareholder value.”
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
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Global System Dynamics, Inc.