A mere month ago Night Dive Studios, the group behind System Shock Enhanced Edition, announced it was developing a remake of the classic sci-fi RPG and in conversations about a possible System Shock 3. Well, Night Dive seems to have had some very productive conversations, because it looks like System Shock 3 is coming from Otherside Entertainment, the small studio currently developing Ultima Underworld successor Underworld Ascendant.
On Monday, Otherside put up a cryptic teaser page with the letter "S" and a countdown clock visible, with six days of time to count down. A member of the RPG Codex forum did some digging to find the URL linked above, which reveals the final teaser, System Shock 3. The page source includes the text "Join the original team behind Ultima Underworld on a quest to rekindle this legendary fantasy RPG series." That text seems like it could very well be referring to their Kickstarter project Underworld Ascendant, but it also fits for System Shock. And the final teaser image is pretty conclusive, as is the promotions link which takes you to a System Shock 3 mailing list.
Paul Neurath, the founder of Otherside Entertainment, was one of the co-founders of System Shock developer Looking Glass Studios, and contributed to its design. Given that the small team at Otherside is currently working on Ascendant, System Shock 3 seems likely to be another crowdfunded project.