Concerned Shareholder of GSE Systems Urges All Shareholders to Vote NO at GSE Systems, Inc. Annual Meeting
Upcoming vote is crucial to company's future
MIAMI, June 7, 2023 (Newswire.com) - Silverback United, Inc., a subsidiary of Spear Point Capital Management, LLC, is a shareholder of GSE Systems, Inc. (the "Company" or "GSE"). Silverback released a presentation describing the destruction of shareholder wealth under the incumbent management and members of the board of directors. This presentation can be viewed online at the following URL:
The presentation addresses the Company's poor stock price and financial performance, high compensation, empty promises, failed acquisitions and poor corporate governance, all of which appear to have harmed GSE shareholders. It also makes the case for why Silverback urges shareholders to vote "NO" to the election of the incumbent directors at GSE's 2023 annual meeting on June 12, 2023.
Mr. Bienvenu, founder of Silverback, commented, "It is important that we as shareholders send a message that we would like to see better performance. Under CEO Kyle Loudermilk's seven-year reign, shareholders have seen revenue cut in half and the Company's share price fall to historic lows, all while management and board members reap millions in compensation. The combined compensation of the CEO and CFO last year was nearly $2.75 million while the Company's market capitalization has fallen to a mere $10.5 million. This board also approved a loan facility that appears to be destroying shareholder value. We must as shareholders send a message to this board of directors that we need a more effective GSE. Therefore, we are encouraging our fellow shareholders to vote 'NO' to the Company's board slate and also vote against the planned 20% dilution." He added, "If you haven't already voted, please vote 'NO' and help usher in much needed change. And if you have already voted, you can still change your vote to NO up until 11:59 p.m. Eastern Daylight Time on June 11, 2023, or by attending the meeting."
About Silverback United, Inc:
Silverback United, Inc. is leading the global movement to unlock data as an asset. Silverback owns a portfolio of companies whose focus is turning data into assets and helping companies monetize those assets. In particular, it seeks to invest in special situations where it believes there exists a significant information arbitrage that can return outsize investment returns.
This press release is for informational purposes only and is not intended to provide investment advice. Silverback does not endorse or recommend any particular course of action beyond voting NO on GSE's proxy card and encourages shareholders to seek independent financial and legal advice before making any investment decisions.
Source: Silverback United Inc.