Laser sensor company DarkPulse today announced it has closed the acquisition of an equity position in Gladstone Acquisition. Additionally, the SPAC’s name was changed to Global System Dynamics, but still trades under GLEE on the Nasdaq.
Under the purchase agreement with the SPAC’s sponsor DarkPulse said it purchased 2,623,120 shares of Class B stock. Additionally DarKPulse bought 4,298,496 private placement warrants, each exercisable for a share for a total of $1.5 million.
The entire Gladstone management team resigned and was replaced by officers and directors chosen by DarkPulse, according to an 8-K filing.
Gladstone raised almost $105 million in an August 2021 IPO. The SPAC’s deal deadline is coming up in less than a month, although it could be extended another three months if the new sponsor opts to deposit 10 cents a share into the trust.
Gladstone’s original management team intended to focus on the farming and agricultural sectors, including farming related operations and businesses that support the farming industry. Read more.
