GSD - Global System Dynamics Inc. Announces Sponsor Funding of Additional One-Month Extension to Complete its Initial Business Combination | Benzinga
HOUSTON, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Global System Dynamics, Inc. (NASDAQ:GSD) ("GSD" or the "Company") today announced that its sponsor, DarkPulse, Inc. (the "Sponsor"), has deposited an aggregate of $29,812.63 (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 September 9, 2023 to October 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.
Rick Iler, CFO of GSD, stated, "We are very excited to report once again that the Board of Directors has approved our Sponsor's request for an additional one-month extension to complete the business combination. As such, our Sponsor has contributed approximately $29,812 in 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 completed, we remain confident that this transaction will create significant shareholder value."
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, if there are funds available outside of the Company's trust account.
About Global System Dynamics, Inc.
GSD is a newly organized blank check company ...