Global Star Acquisition - GLSTU STOCK NEWS

K Enter Holdings has appointed Tan Chin Hwee as Executive Chairman and Interim CEO following the resignation of Young Jae (Dale) Lee. Mr. Lee will continue as a director. The leadership transition aims to leverage Mr. Tan's extensive experience in global growth strategies. His term is for six months, with a possibility of extension while the company searches for a permanent CEO. The announcement follows the recent definitive Merger Agreement among K Enter, Global Star Acquisition, K Wave Media, and GLST Merger Sub, which will result in K Enter becoming a public company listed on Nasdaq. The merger is expected to close in Q3 2024, pending necessary approvals.

Global Star Acquisition Inc. and K Enter Holdings Inc. announce a $590 million business combination agreement. The transaction will make K Enter a public company trading on NASDAQ in the second quarter of 2024.

Global Star Acquisition Inc. extends business combination deadline to June 22, 2024

Global Star Acquisition Inc. has entered into a merger agreement with K Enter Holdings Inc., a company that holds contracts to acquire seven entertainment operating companies based in Korea. The merger combines Global Star's finance expertise with K Enter's strength in the global entertainment industry. The Seven Korean Entities have an estimated combined revenue of $153 million for 2022. The parent company of the combined entity will be named 'K Wave Media Ltd.' and its securities will be listed on The Nasdaq Stock Market. The transaction is valued at $610 million and is expected to be completed in late Q4 2023.

Global Star Acquisition, Inc. (Nasdaq: GLSTU) announced the appointment of Argon Lam Chun Win and Jukka Rannila as members of the Compensation Committee, with Lam also joining the Audit Committee. Lam has served as an independent director since November 2022, while Rannila has been in his role since September 2022. This move aims to strengthen the board's oversight on compensation and audit functions as the company progresses towards its merger and acquisition goals. The announcement comes amid ongoing preparations for an initial public offering, highlighting the company's strategic focus.

Global Star Acquisition Inc. (NASDAQ: GLSTU) announced receiving a deficiency letter from NASDAQ on November 22, 2022, due to the late filing of its Third Quarter Financials on Form 10-Q for the period ending September 30, 2022. The Company had previously indicated an inability to file on time, citing unreasonable effort or expense. Global Star plans to file the Form 10-Q and regain compliance by January 23, 2023. The Company focuses on potential mergers in the fintech and proptech sectors, particularly in the Nordic region and Asia Pacific.

Global Star Acquisition (Nasdaq: GLSTU) announced the resignation of former Director Kan Mun Wai Benny and the appointment of Argon Lam Chun Win as a new independent board member as of November 15, 2022. Lam, who currently serves as a Vice President at a leading fund management company, brings extensive experience in financial services. Following these changes, the board remains comprised of eight members. This update reflects the company's commitment to maintaining strong leadership as it aims for future business combinations.

Global Star Acquisition (GLSTU) announced the issuance of 1,200,000 additional units, comprising one share of Class A common stock, one redeemable warrant, and a right to receive one-tenth of a share, at a public offering price of $10.00 per share. This move brought total gross proceeds from the public offering to approximately $92 million. EF Hutton acted as the sole book-running manager for this offering. The units were issued under a previously filed registration statement with the SEC.