SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0104 Estimated average burden hours per response: 0.5

1. Name and Address of Reporting Person* Sakiris Spiro Kevin (Last) (First) (Middle) C/O GBS, INC., 708 THIRD AVENUE, 6TH FLOOR, (Street) NEW YORK, NY 10017 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 12/22/2020	3. Issuer Name and Ticker or Trading Symbol GBS Inc. [ GBS ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) Chief Financial Officer	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common stock, par value $0.01 per share	300	D
Common stock, par value $0.01 per share(3)	1,479	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series A Convertible Preferred Stock	(1)	(1)	Common Stock	3,000	(1)	D
Series A Warrant	(2)	(2)	Common Stock	1,479	(2)	D
Series B Warrant	(3)	(3)	Common Stock	1,479	(3)	D
Common Stock Purchase Warrant	(4)	(4)	Common Stock	3,000	(2)	D

Explanation of Responses:

1. The Series A Convertible Preferred Stock (the "Series A Stock") is automatically convertible into 3,000 shares of the Company's common stock at the closing of the Company's initial public offering (the "IPO") that took place on December 28, 2020.

2. Includes Series A warrant to purchase 1,479 shares of the Company's common stock at an exercise price equal to $8.50 per share exercisable until the fifth anniversary of the issuance date.

3. Includes Series B warrant to purchase 1,479 shares of the Company's common stock and together with the Series A Warrants at an exercise price equal to $17.00 per share, exercisable until the fifth anniversary of the issuance date and subject to certain adjustment and cashless exercise provisions as described herein.

4. Includes warrants to purchase 3,000 shares of the Company's common stock exercisable during the one year-period commencing on the 2nd anniversary of the closing of the IPO at exercise price of $8.50 per share. The warrant expiration date is December 28, 2023.

	/s/ Spiro Sakiris	12/30/2020
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.