Global System Dynamics, Inc. Announces Sponsor’s Request for an Additional One-Month Extension to Complete its Initial Business Combination

Rhea-AI Summary

Global System Dynamics (Nasdaq: GSD) announced a request from its sponsor, DarkPulse, Inc., for a one-month extension to finalize its initial business combination. The sponsor will deposit $83,947.13 into GSD's trust account, increasing the funds available per share by approximately $0.0625. This extension pushes the deadline from February 9, 2023 to March 9, 2023. The contribution will act as a non-interest bearing loan, repayable upon the business combination or liquidation. GSD, formed as a blank check company in January 2021, aims to pursue acquisitions aligned with its management team's expertise.

Positive

• Sponsor DarkPulse will contribute additional funds of $83,947.13 to the trust account, enhancing shareholder value.
• The extension allows GSD more time to identify and finalize a viable business combination.

Negative

• The request for an extension indicates a delay in finalizing a business combination, raising concerns about the company's progress.

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

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.

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Global System Dynamics, Inc.

(703) 287-5800

Source: Global System Dynamics, Inc.

FAQ

What is the recent update about Global System Dynamics (GSD)?

Global System Dynamics announced a one-month extension to finalize its initial business combination, with a sponsor contribution of $83,947.13.

What is the deadline for Global System Dynamics' initial business combination?

The deadline has been extended from February 9, 2023, to March 9, 2023.

How much is DarkPulse contributing to Global System Dynamics' trust account?

DarkPulse is contributing $83,947.13 to GSD's trust account.

What does the extension mean for Global System Dynamics shareholders?

The extension and sponsor contribution enhance the funds available for shareholders, but also indicate a delay in the business combination process.

What is the financial impact of the extension on GSD's stock?

The extension increases funds available per share by approximately $0.0625, potentially benefiting shareholders.