Alpha Star Acquisition in an 8-K disclosed that annual and certain quarterly reports for the fiscal years 2021-23 should no longer be relied upon due to classification errors in its cash and cash equivalents held in the trust account and the deferred underwriting commission in connection with the company’s initial public offering.
The SPAC does not expect the changes described above to have any impact on its cash position or the balance held in its trust account.
Alpha Star’s management has concluded that in light of the classification errors described above, a material weakness exists in the Company’s internal control over financial reporting and that the company’s disclosure controls and procedures were not effective.
The SPAC raised $100 million in a December 2021 IPO with plans to focus on acquiring a business in Asia, although the company has not specified any sectors. Read more.
