Global Systems Dynamics, Inc.’s Provides Update on Nasdaq Compliance Status and Process

HOUSTON, Jan. 03, 2024 (GLOBE NEWSWIRE) -- Global System Dynamics, Inc. (Nasdaq: GSD, GSDWW, GSDWU) (“GSD” or the “Company”) today provided an update regarding the status of its compliance with Nasdaq’s continued listed standards and anticipated next steps to maintain its listing on The Nasdaq Capital Market (“Nasdaq” or the “Exchange”).

Pursuant to a letter dated January 2, 2024, Nasdaq Hearings Panel (the “Staff”) granted GSD’s request to continue its listing on Nasdaq, subject to the Company filing its response to the Securities and Exchange Commission (the “SEC”) comments received on the Company’s Form S-4, by or before January 19, 2024. The Staff also requires GSD to complete its business combination with DarkPulse, Inc (OTC: DPLS) on or before April 1, 2024. The Company and its legal team are working diligently to meet the deadline.

Rick Iler, CFO of GSD, stated, “We are very excited to report that we have been granted a conditional extension to accomplish our business combination by Nasdaq by April 1, 2024. We will continue to work diligently to meet the stipulations of the Staff. Once completed, we remain confident that this transaction will create significant shareholder value.”

As previously disclosed by the Company, on April 5, 2023, Nasdaq notified the Company that it no longer complied with the market value of listed securities requirement pursuant to Nasdaq Listing Rule 5550(b)(2). In accordance with Listing Rule 5810(c)(3)(C), the Company was provided 180 calendar days, or until October 2, 2023, to regain compliance. On October 4, 2023, Nasdaq notified the Company that it had determined to delist the Company’s securities as it did not comply with the requirements for continued listing on the Nasdaq Capital Market. A hearing on the matter was held on December 7, 2023. Based on the information presented, the Staff has granted the Company’s request for an exception through April 1, 2024 to regain compliance with the continued listing requirements, conditioned upon the Company's achievement of certain milestones included in the plan of compliance previously submitted to Nasdaq.

If the Company fails to evidence compliance upon filing its amended registration statement on Form S-4 with the SEC by the stipulated date, the Company may be subject to delisting. In the event the Company does not satisfy certain additional terms, the Staff will provide written notification that its securities will be delisted. There can be no assurance that despite Company’s completion of its compliance plan, Nasdaq will grant it an extension for its continued listing on the Nasdaq.