Otherside Entertainment is a relatively new game studio, founded in 2014, that is working on a crowdfunded fantasy RPG called Underworld Ascendant. Apparently, they are also working on System Shock 3.
Well, at least a teaser page says the words “System Shock 3” and has a copyright notice from Otherside Entertainment. I believe that it is fairly reasonable to jump to the aforementioned conclusion with the provided information. The rights to Systen Shock are currently in the hands of Night Dive Studios, which has been reviving old (~90s-era) PC games. They are also in the news for a few screenshots of the upcoming Turok and Turok 2 remaster.
One of the most interesting parts about all of this is that Otherside Entertainment was founded by the founder of Blue Sky Productions, later renamed Looking Glass Studios, who co-developed System Shock 2 with Irrational Games. More Looking Glass alumni than just the founder are at Otherside too, but I don't know how many were from that era and team.