Global Star Acquisition Inc. Appoints New Members to Audit Committee and Compensation Committee

Rhea-AI Summary

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.

MCLEAN, VA, Jan. 12, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Global Star Acquisition, Inc. (Nasdaq: GLSTU) (the “Company”), a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses, today announced that the Company appointed Argon Lam Chun Win and Jukka Rannila, the current directors of the Company, as members of the Compensation Committee of the Board (the “Compensation Committee”), and appointed Argon Lam Chun Win as a member of the Audit Committee of the Board (the “Audit Committee”).

Argon Lam Chun Win

Mr. Lam currently serves as an independent director of the Company since November 15, 2022.

Jukka Rannila

Mr. Rannila currently serves as an independent director and a member of the Audit Committee of the Company since September 19, 2022.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. 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 preliminary 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.

Contact

Global Star Acquisition, Inc.
1641 International Drive, Unit 208
Mclean, VA 22102

Anthony Ang
Chairman and Chief Executive Officer
anthonyang@gcic.com.sg

FAQ

What recent changes occurred at Global Star Acquisition, Inc. regarding its board members?

Global Star Acquisition appointed Argon Lam Chun Win and Jukka Rannila to the Compensation Committee, with Lam also joining the Audit Committee.

Who are the new members of the Compensation Committee at Global Star Acquisition?

The new members are Argon Lam Chun Win and Jukka Rannila.

What roles do Argon Lam Chun Win and Jukka Rannila hold at Global Star Acquisition?

Argon Lam is an independent director and a member of both the Compensation and Audit Committees, while Jukka Rannila is an independent director and a member of the Compensation Committee.

How might the appointments of Lam and Rannila impact Global Star Acquisition?

Their appointments may enhance the oversight of compensation and audit processes, supporting the company's merger and acquisition initiatives.