Welcome to our dedicated page for Alpha Star Acquisition Corporation Ordinary Shares news (Ticker: ALSA), a resource for investors and traders seeking the latest updates and insights on Alpha Star Acquisition Corporation Ordinary Shares stock.
Alpha Star Acquisition Corporation (Nasdaq: ALSA) is a blank check company, also known as a special purpose acquisition company (SPAC). Formed under the laws of the Cayman Islands, Alpha Star's primary mission is to engage in a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
Recently, Alpha Star announced that it received a notice from The Nasdaq Stock Market LLC regarding its non-compliance with Nasdaq Listing Rule 5250(c)(1). This rule mandates timely filing of periodic financial reports with the Securities and Exchange Commission (SEC). The company has yet to file its Form 10-K for the period ending December 31, 2023, and its Form 10-Q for the period ending March 31, 2024. This notification does not currently affect the listing of Alpha Star's shares on Nasdaq. However, the company has a 60-day window to submit a plan to regain compliance. If the plan is accepted by Nasdaq, Alpha Star may get up to 180 days from the initial due date to comply. If not, the company will have the opportunity to appeal to a Nasdaq Hearings Panel.
Alpha Star has assured its stakeholders that it is working diligently to file the necessary forms within the 60-day period, thereby avoiding the need for a formal compliance plan. This proactive approach aims to maintain its Nasdaq listing and investor confidence.
Alpha Star's strategic approach involves identifying and partnering with businesses that have strong growth potential and can benefit from being publicly traded. The company's leadership, under the guidance of Zhe Zhang, Chairman and CEO, brings extensive expertise in mergers and acquisitions, ensuring that potential targets are thoroughly evaluated for financial and operational viability.
Forward-looking statements in their press releases indicate Alpha Star's commitment to transparent communication with its investors. These statements highlight the company's endeavors to meet regulatory requirements and successfully execute its business strategy, despite market conditions and other external factors.
For further inquiries, Zhe Zhang can be contacted at 80 Broad Street, 5th Floor, or through email at zhangzhe@siftcap.cn.
Alpha Star Acquisition (ALSA) has received a delisting notice from Nasdaq due to failing to complete an initial business combination within the required 36-month timeframe. The company's securities will be suspended from trading on December 23, 2024, and will be delisted from Nasdaq. ALSA plans to transition to the OTC market under the same ticker symbols.
Despite the delisting, ALSA continues to pursue its planned business combination with OU XDATA GROUP. The company has scheduled an extraordinary general meeting on December 27, 2024, to approve amendments allowing up to six one-month extensions (until June 15, 2025) for completing the business combination, with each extension requiring a $35,000 deposit into the Trust Account.
Alpha Star Acquisition (Nasdaq: ALSA) has received a notice from Nasdaq indicating non-compliance with the minimum Market Value of Listed Securities (MVLS) requirement. The company failed to maintain the required $50,000,000 MVLS for 30 consecutive business days from August 12 to September 30, 2024.
ALSA has been granted a 180-day compliance period until March 31, 2025, to regain compliance. To do so, the company's MVLS must meet or exceed $50,000,000 for at least 10 consecutive business days. If ALSA fails to comply within this period, its securities may be subject to delisting from Nasdaq. The company is evaluating options to regain compliance, including the possibility of transferring to the Nasdaq Capital Market.
Alpha Star Acquisition (NASDAQ: ALSA) has announced a definitive business combination agreement with XDATA, an Estonia-based financial technology solutions company. The transaction, approved by both companies' boards, is expected to close in late 2024, subject to regulatory and shareholder approvals. Key points include:
1. ALSA will incorporate a Cayman Islands exempted company (PubCo).
2. ALSA will merge with PubCo in a Reincorporation Merger.
3. PubCo and XDATA shareholders will undergo a Share Exchange.
4. Post-closing, XDATA will operate through PubCo, which will be publicly traded on Nasdaq.
The deal is contingent on SEC approval of PubCo's Form F-4 registration statement and Nasdaq's approval of XDATA's listing application. Han Kun Law Offices LLP and Ogier (Cayman) LLP are advising ALSA, while Loeb & Loeb LLP is acting as U.S. securities legal advisor to XDATA.
Alpha Star Acquisition (NASDAQ: ALSA) announced entering a letter of intent (LOI) with Estonia-based financial technology firm XDATA GROUP OÜ on June 19, 2024. Xdata offers an Internet Banking Suite, Mobile Banking Apps, and CRM solutions, and is launching a new product, ComplyControl. This product features AI-driven analytics for accuracy, real-time monitoring from global sanctions lists, seamless integration, and comprehensive global screening capabilities. The partnership aims to provide Xdata with more capital and facilitate its Nasdaq listing, enhancing innovation and growth. Both companies see this as an opportunity to drive shareholder value and expand their technological offerings.
Alpha Star Acquisition (Nasdaq: ALSA) has received a notice from Nasdaq regarding its failure to file Form 10-K for the period ending December 31, 2023, and Form 10-Q for the period ending March 31, 2024. This non-compliance with Nasdaq Listing Rule 5250(c)(1) could lead to delisting if not rectified within stipulated timelines. The company has 60 days to submit a compliance plan to Nasdaq. If accepted, Alpha Star may get up to 180 days to file the overdue reports. The company is actively working on filing these reports within the 60-day period.
FAQ
What is the current stock price of Alpha Star Acquisition Corporation Ordinary Shares (ALSA)?
What is the market cap of Alpha Star Acquisition Corporation Ordinary Shares (ALSA)?
What is Alpha Star Acquisition Corporation?
What recent notice did Alpha Star Acquisition Corporation receive?
Will the notice impact Alpha Star's Nasdaq listing immediately?
What is the deadline for Alpha Star to regain compliance with Nasdaq rules?
Who is the CEO of Alpha Star Acquisition Corporation?
What are forward-looking statements?
How can I contact Alpha Star Acquisition Corporation?
What is the primary business of Alpha Star Acquisition Corporation?
What are the risks associated with Alpha Star's forward-looking statements?
What is the significance of Nasdaq Listing Rule 5250(c)(1)?
