Metal Sky Star Acquisition Corporation Announces to Extend Deadline to Consummate Business Combination

Rhea-AI Summary

Metal Sky Star Acquisition Corporation (NASDAQ: MSSA) has announced a deposit of $187,188 into its trust account to extend the completion deadline for its business combination by one month, now set for March 5, 2023. This extension can occur eleven additional times, each requiring a similar monthly deposit, stretching the deadline until February 5, 2024. Metal Sky is a blank check company aimed at executing mergers or acquisitions.

Positive

• The company has the option to extend the business combination deadline up to 11 times, providing up to an additional year for completing a merger.
• The monthly deposit of $187,188 demonstrates the company's commitment to securing a business combination.

Negative

• The need for multiple extensions may indicate challenges in finding a suitable business combination.
• Frequent deposits for extensions may raise concerns about the company's financial health and operational strategy.

NEW YORK, Feb. 03, 2023 (GLOBE NEWSWIRE) -- Metal Sky Star Acquisition Corporation (the “Company” or “Metal Sky”) (NASDAQ: MSSA) (the “Company”) today announced that the Company has deposited into the Company's trust account (the "Trust Account") an aggregate of $187,188, representing $0.033 per public share of the Company, in order to extend the period of time the Company has to consummate a business combination by one month to March 5, 2023.

The Company plans to extend such period of time additional eleven times to complete its initial business combination as necessary, each by an additional one months, up to February 5, 2024, by depositing an additional $187,188 into the Trust Account each month, representing an additional $0.033 per public share per month in connection with such additional monthly extension. 

About Metal Sky Star Acquisition Corporation

The Company is a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share 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 prospectus for the offering filed with the Securities and Exchange Commission (“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

Metal Sky Star Acquisition Corporation
Man Chak Leung
Chief Executive Officer
Adrian@metalskystar.com

FAQ

What is the purpose of Metal Sky Star Acquisition Corporation's latest deposit?

The deposit of $187,188 is intended to extend the time frame for the company to complete a business combination by one month, now until March 5, 2023.

How many times can Metal Sky Star extend its business combination deadline?

The company can extend its business combination deadline an additional eleven times, each by one month, allowing extensions up to February 5, 2024.

What is the financial impact of the monthly deposits for Metal Sky Star?

Each monthly deposit of $187,188 represents a cost to the company, which could raise concerns about financial sustainability if multiple extensions are needed.

Is Metal Sky Star Acquisition Corporation able to complete a merger in the upcoming month?

While the company has until March 5, 2023, to complete a business combination, the necessity for extensions suggests potential challenges in securing a merger.