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Global Star Acquisition Inc (GLST-48.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $107,629 for the three months ended September 30, 2024, compared to a net income of $108,936 for the same period in 2023.
Operating expenses for the quarter were $248,771, primarily consisting of legal, professional, and advisory fees, as well as insurance expenses.
Interest income on marketable securities held in the Trust Account was $165,372 for the quarter, with additional interest income from bank accounts amounting to $4,676.
Provision for income taxes for the quarter was $28,906.
As of September 30, 2024, the company held $392,139 in cash restricted for tax payments and $12,919,725 of marketable securities in the Trust Account.
The company reported a working capital deficit of $4,749,664 as of September 30, 2024.
Global Star Acquisition Inc. has extended its deadline to complete a business combination to December 22, 2024, following stockholder approval.
During the quarter, the company redeemed 4,010,928 shares of common stock, resulting in a withdrawal of $44,605,448 from the Trust Account.
The company continues to seek a business combination and has entered into a merger agreement with K Enter Holdings Inc.
The merger agreement includes conditions such as stockholder approval and the effectiveness of a registration statement on Form F-4.
The company faces risks related to its ability to complete the business combination within the prescribed timeframe and the potential for changes in laws or regulations that could affect its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Global Star Acquisition Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.