News Column

GLOBAL DEFENSE & NATIONAL SECURITY SYSTEMS, INC. FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits

May 19, 2014



Item 1.01 Entry into a Material Definitive Agreement

On May 15, 2014, Global Defense & National Security Systems, Inc. (the "Company") issued a convertible promissory note in the amount of $1,263,263 to Global Defense & National Security Holdings LLC (the "Lender"). The convertible note is due on the earlier of (1) July 24, 2015, and (2) immediately following the consummation of the initial Business Combination (as defined in the Company's Amended and Restated Certificate of Incorporation). At the Lender's election, the note will convert into the Company's common stock, par value $0.0001, at a price equal to the greater of (1) $10.00 per share, and (2) the 30-day trailing average of the closing price per share. Funds in the Trust Account (as defined in the Company's Amended and Restated Certificate of Incorporation) will not be used to repay the note.

A copy of the form of convertible note is filed as Exhibit 10.1.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

Off-Balance Sheet Arrangement of a Registrant



The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits



Exhibit No. Description of Exhibits

Exhibit 10.1 Form of Convertible Promissory Note, dated May 15, 2014, issued by

the Company to Global Defense & National Security Holdings LLC.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Edgar Glimpses


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters