Alpha Star Acquisition Corporation(ALSAU) - 2025 Q4 - Annual Report

Financial Performance - The company reported a net loss of $(847,048) for the year ended December 31, 2025, compared to a net income of $1,344,563 for 2024, with formation and operational costs of $887,584 and $913,909 respectively[197]. - Net cash used in operating activities was $(651,811) for 2025, compared to $(243,395) for 2024, primarily due to the net loss and changes in interest earned[200]. Initial Public Offering - The company generated gross proceeds of $115,000,000 from the initial public offering of 11,500,000 Units and an additional $3,300,000 from the sale of 330,000 Private Units[198]. - The company incurred $5,669,696 in transaction costs related to the initial public offering, including $2,300,000 in underwriting fees[199]. - The deferred underwriting commissions were reduced from $2,875,000 to $950,000, to be paid upon the closing of a business combination[214]. Trust Account and Investments - As of December 31, 2025, the company had investments held in the Trust Account amounting to $718,072, down from $11,111,853 in 2024[201]. - The company has no cash held outside the Trust Account as of December 31, 2025, and intends to use funds from the Trust Account to complete its business combination[202]. - The net proceeds from the initial public offering and private placement units will be invested in U.S. government treasury bills with a maturity of 185 days or less[222]. - The investments will also include money market funds that comply with Rule 2a-7 under the Investment Company Act, focusing on direct U.S. government treasury obligations[222]. - Due to the short-term nature of these investments, the company anticipates no material exposure to interest rate risk[222]. Capital and Financing - The company issued promissory notes totaling $6,245,961 to the Sponsor, which are repayable upon the consummation of the initial business combination[208]. - The company plans to raise additional capital to meet expenditures required for operating its business and completing a business combination[210]. - The company has no off-balance sheet financing arrangements or long-term liabilities other than a monthly fee of $10,000 to the Sponsor for administrative services[211][212].