GSE Solutions to be acquired by Pelican Energy Partners

GSE Solutions has entered into a definitive merger agreement to be acquired by Pelican Energy Partners in an all-cash transaction. Under the terms of the merger agreement, which was unanimously approved by the board of the directors of GSE, Pelican will acquire all the outstanding shares of GSE for an estimated total cash consideration of $4.10 per share. The consideration per share represents a premium of approximately 50% to GSE’s closing share price as of August 7. The transaction is expected to close in Q3 or Q4 2024, subject to the approval by shareholders of GSE and the satisfaction of other customary closing conditions. GSE’s Board of Directors unanimously approved the merger agreement and recommended that GSE shareholders vote in favor of it at a Special Meeting of Stockholders, to be scheduled as soon as practicable. The transaction is not subject to a financing condition. Upon completion of the transaction, GSE will become a private company and shares of GSE’s common stock will no longer trade on the Nasdaq.