GSE Systems Inc (GVP) has released an update.
GSE Systems, Inc. has amended its financial agreements with Lind Global, adjusting the default events and conversion prices for its promissory notes in response to a ten-for-one reverse stock split. The amendments push the date when a market cap below $7 million triggers a default to after June 1, 2024, and revise the conversion price to the lower of $5.00 or 85% of the average lowest daily trading prices over a specified period, reflecting the company’s stock consolidation. These changes are part of typical financial restructuring efforts to maintain company stability.
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