Global Digital Solutions, Inc. (OTCMKTS:GDSI) Files An 8-K Other Events
Item 8.01 Other Events.
Dismissal of Suit Against Global Digital Solutions, Inc.
to Section 12(j) of the Securities Exchange Act of 1934, the Securities Exchange Commission instituted proceedings against GDSI on December 26, 2017. Section 12(j) authorizes the Commission to suspend or revoke the registration of a security if it finds that the issuer has violated any provision of the Exchange Act or any related rules or regulations. The order instituting proceedings (“OIP”) alleged that GDSI had violated Section 13(a) of the Exchange Act, which requires issuers, to Section 12, to file periodic reports. According to the OIP, GDSI had filed no periodic report since September 30, 2015, when it filed a Form 10-Q report.
The Division of Enforcement, on February 15, 2018, filed a motion seeking revocation of the registration of each class of GDSI’s securities. Claiming the existence of issues of material fact, GDSI opposed the motion, and, after oral argument, was ordered to file a supplemental affidavit. On the basis of supplemental evidence submitted by GDSI, the Division then stayed this proceeding and certain others. On August 22, 2018, it issued an order allowing expiration of the stay along with an opportunity for a new hearing before a law judge. The Division filed a motion to dismiss on September 17, 2018, after the proceeding was assigned to a new judge.
The Division supported its motion by stating that GDSI had become current on the filings alleged to have been delinquent. Citing Lucia v. SEC, 138 S. Ct 2044 (2018), it stated, “the proceeding will, in effect, be starting over with GDSI having cured the delinquencies alleged in the OIP.” Maintaining that it was prudent under the circumstances for the Commission to dismiss this matter, the Division asserted that it would “carefully monitor GDSI to ensure its compliance” with future requirements.
GLOBAL DIGITAL SOLUTIONS INC Exhibit
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About Global Digital Solutions, Inc. (OTCMKTS:GDSI)
Global Digital Solutions, Inc. focuses on the area of cyber arms technology and complementary security and technology solutions. The Company’s subsidiaries are North American Custom Specialty Vehicles, Inc. (NACSV), GDSI Florida, LLC and Global Digital Solutions, LLC. The Company’s NACSV specializes in building mobile command/communications and specialty vehicles for emergency management, first responders, national security and law enforcement operations. These specialty vehicles include Mobile Command Center, Command and Control, and Incident Command. A mobile command center is a response and recovery vehicle that facilitates an agency’s ability to expand their command and control capabilities to a remote location. For the emergency management agency, the vehicle is an extension of the fixed base emergency operations center. In the law enforcement environment, the vehicle can be utilized for command and control, as well as hostage negotiations and even as a mobile precinct.
