Core Points - The Company will not appeal Nasdaq's decision to delist its securities, which will be suspended from trading on December 23, 2024 [1] - The Company plans to apply for listing on the OTC market under the same ticker symbols after delisting from Nasdaq [1] - The delisting does not impact the ongoing business combination with OU XDATA GROUP, and both parties are working towards closing the deal [1] - The merged entity intends to apply for listing on the Nasdaq Stock Market upon completion of the business combination [1] Company Information - Alpha Star Acquisition Corporation is a blank check company established under Cayman Islands law for the purpose of executing mergers, share exchanges, asset acquisitions, stock purchases, reorganizations, or similar business combinations [7] - The Company remains a reporting entity under the Securities Exchange Act of 1934, ensuring continued disclosure of financial and operational information [3] Business Combination Details - The Company filed a definitive proxy statement for an extraordinary general meeting of shareholders on December 27, 2024, to approve amendments to the investment management trust agreement [6] - The amendments will allow the Company to extend the liquidation commencement date of the trust account up to six additional times, each by one month, by depositing $35,000 for each extension [6] - The Company believes it is likely to fully exercise this discretion to extend the business combination period [6]
Alpha Star Acquisition Corporation Announces Receipt of Letter from Nasdaq Regarding Failure to Complete Initial Business Combination