Alpha Star Acquisition Corporation Announces Receipt of Notice from Nasdaq Regarding Filing of Annual Report on Form 10-K

Rhea-AI Summary

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.

Positive

• Alpha Star Acquisition has 60 days to regain compliance with Nasdaq Listing Rule 5250(c)(1).
• Company is working diligently to file overdue Form 10-K and Form 10-Q within the 60-day period.
• Notification from Nasdaq does not have an immediate effect on the listing of Alpha Star's shares.

Negative

• Alpha Star Acquisition failed to file Form 10-K for the period ending December 31, 2023.
• Company also failed to file Form 10-Q for the period ending March 31, 2024.
• Non-compliance with Nasdaq Listing Rule 5250(c)(1) could lead to delisting if not rectified.
• Company's securities are at risk of delisting if compliance is not regained within stipulated timelines.
• If Nasdaq does not accept the compliance plan, the company will need to appeal to a Nasdaq Hearings Panel.

New York, NY, June 06, 2024 (GLOBE NEWSWIRE) -- Alpha Star Acquisition Corporation. (Nasdaq: ALSA) (the “Company”) announced that it has received a notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) stating that because the Company has not yet filed its Form 10-K for the period ended December 31, 2023 and its Form 10-Q for the period ended March 31, 2024, the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the “SEC”).

This notification has no immediate effect on the listing of the Company’s shares on Nasdaq. However, if the Company fails to timely regain compliance with the Nasdaq Listing Rule, the Company’s securities will be subject to delisting from Nasdaq.

Under Nasdaq rules, the Company has 60 calendar days to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule. If Nasdaq accepts the Company’s plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for filing the Form 10-K and From 10-Q to regain compliance. If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.

The Company is working diligently and expects to file its Form 10-K and 10-Q within the 60-day period described above, which would eliminate the need for the Company to submit a formal plan to regain compliance.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

About Alpha Star Acquisition Corporation

Alpha Star Acquisition Corporation is a blank check company formed under the laws of the Cayman Islands for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements”. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and final prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contacts:

Zhe Zhang
Chairman and Chief Executive Officer
80 Broad Street, 5th Floor
(202) 837-7977
Email: zhangzhe@siftcap.cn

Source: Alpha Star Acquisition Corporation

FAQ

What recent notice did Alpha Star Acquisition receive from Nasdaq?

Alpha Star Acquisition received a notice from Nasdaq for failing to file its Form 10-K for December 31, 2023, and Form 10-Q for March 31, 2024.

What is the consequence of Alpha Star Acquisition 's non-compliance with Nasdaq Listing Rule 5250(c)(1)?

Non-compliance could lead to the delisting of Alpha Star's securities from Nasdaq if the issue is not rectified.

How long does Alpha Star Acquisition have to submit a compliance plan to Nasdaq?

Alpha Star has 60 calendar days to submit a compliance plan to Nasdaq.

What happens if Alpha Star Acquisition 's compliance plan is accepted by Nasdaq?

If accepted, Nasdaq may grant up to 180 days for Alpha Star to file the required reports and regain compliance.

Is Alpha Star Acquisition 's stock immediately affected by the Nasdaq notice?

The Nasdaq notice has no immediate effect on the listing of Alpha Star's shares.

What is the ticker symbol for Alpha Star Acquisition ?

The ticker symbol for Alpha Star Acquisition is ALSA.