Global Star Acquisition said its stockholders approved a deadline extension from Sept. 22 to June 22, 2024. The extension provides the SPAC with more time to hammer out its business combination with K Enter, a South Korean entertainment company.
The SPAC’s sponsor will deposit $125,000 into trust for the first month.
Stockholders redeemed 4,052,066 shares (44% of shares outstanding), removing nearly $43 million from the trust. Following the redemptions, the SPAC had 5,147,934 shares remaining.
K Enter holds contracts to acquire seven diversified entertainment operating companies based in Korea, engaged in the entertainment content and IP creation businesses, and K Enter plans to close those acquisitions prior to completion of the merger with Global Star. Read more.
