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Alpha Star Acquisition Corporation (ALSAR0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes consolidated financial statements, showing a net income of $1,322,882 for the nine months ended September 30, 2024, compared to $3,718,369 in the same period of the previous year.
Operating expenses for the nine months ended September 30, 2024, were $808,801, up from $316,908 in the same period of the previous year.
Interest income from marketable securities held in the trust account was $2,089,852 for the nine months ended September 30, 2024, compared to $3,614,671 in the same period of the previous year.
The company reported a working capital deficit of $638,117 as of September 30, 2024, compared to $6,191,522 as of December 31, 2023.
Alpha Star entered into a Business Combination Agreement with OU XDATA GROUP on September 12, 2024, which includes the incorporation of a new Cayman Islands company, PubCo.
The company has until December 15, 2024, to consummate a business combination, otherwise it may cease operations except for the purpose of liquidating.
Alpha Star has been provided a compliance period of 180 days by Nasdaq (NDAQ-0.10%) to regain compliance with the minimum market value of listed securities requirement.
The filing also details various financial agreements, including promissory notes with the Sponsor and a loan agreement for transaction costs and extension fees.
The company identified a material weakness in its internal controls over financial reporting and is taking steps to address this issue.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Alpha Star Acquisition Corporation Rights quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.