Global Systems Dynamics in an 8-K said it mutually terminated a merger agreement with DarkPulse after receiving notice that the SPAC would be delisted from the Nasdaq. The delisting decision followed a protracted exchange over the SPAC’s failure to conduct a shareholders meeting in fiscal 2022.
For context, DarkPulse, which trades OTC, bought out the sponsor’s equity in the former Gladstone Acquisition in November 2022, then renamed the SPAC as Global Systems Dynamics. So DarkPulse was essentially aiming to combine with one of its own companies as a pathway from the OTC market to the Nasdaq. In mid-December that year, DarkPulse signed the business combination agreement with Global System Dynamics and GSD’s wholly owned merger subsidiary, Zilla Acquisition, at an enterprise value of approximately $145 million.
DarkPulse is an emerging company that utilizes advanced technologies, including patented dark-pulse BOTDA laser-based critical infrastructure monitoring systems, to create the foundational technology for the operation of smart cities.
While the SPAC has 15 days to request a review of the Nasdaq delisting decision, it did not explicitly state whether it would do so. Read more.
