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Metal Sky Star Acquisition Corporation (MSSA0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes details of the company's operations, which primarily involve identifying and evaluating potential business combination targets. As of December 31, 2024, the company had not yet consummated a business combination.
The company reported a net income of $923,146 for the year ended December 31, 2024, compared to $2,152,160 for the previous year. The income was primarily derived from interest earned on marketable securities held in a trust account.
Metal Sky Star has extended the deadline for completing a business combination to April 5, 2025, with a proposal to further extend it to January 5, 2026, pending shareholder approval. The company has faced challenges in maintaining its listing on Nasdaq due to delays in filing financial reports and meeting shareholder requirements.
As of December 31, 2024, the company had $6,677,519 in marketable securities held in a trust account and a working capital deficit of $4,297,517. The company has not generated any operating revenue and relies on its trust account for financial stability.
The company has entered into and subsequently terminated a merger agreement with Future Dao Group Holding Limited. It continues to seek potential business combination opportunities.
Metal Sky Star's management acknowledges the risk of liquidation if a business combination is not completed within the specified timeframe, which could result in shareholders receiving less than $10.00 per share.
The company has identified material weaknesses in its internal controls over financial reporting and is working to address these issues.
The company has not paid any dividends and does not anticipate doing so in the foreseeable future, focusing instead on completing a business combination.
Metal Sky Star's securities are traded on The Nasdaq Global Market under the symbols MSSAU, MSSA, MSSAR, and MSSAW.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Metal Sky Star Acquisition Corporation annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.