GSE Systems’ holder Radoff urges board chair to release 2025 projection

Bradley L. Radoff, who collectively with his affiliates owns approximately 9.9% of the outstanding shares of GSE Systems (GVP) issued the below open letter to the Chair of the Company’s Board of Directors , Kathryn O’Connor Gardner, to urge the Board to provide the market with customary disclosures regarding the Company’s forward-looking projections. Radoff previously announced his opposition to the Company’s proposed take-private merger with Pelican Energy Partners and demanded normal course forward-looking projections be disclosed so shareholders can fairly evaluate the Pelican transaction. “I am one of GSE’s largest shareholders, with an approximately 9.9% stake in the Company, and am deeply concerned with the Board’s recent decision to deprive shareholders of crucial information related to the Pelican transaction. It is clear that the actions of GSE’s severely inexperienced Board appear to be driven by its advisors and proposed buyer, none of whom can be expected to act in shareholders’ best interests. I believe it is incumbent upon you – in line with your fiduciary duties to shareholders – to release GSE’s 2025 projections so investors can fairly assess the value of the Company against the deal price.”