Alpha Star Acquisition on Notice by Nasdaq for Late Reports

Alpha Star Acquisition announced that it received a notice of non-compliance from the Nasdaq for not filing a 10-K for the period ended Dec. 31 or a 10-Q for the period ended March 31, 2024.

The SPAC has 60 days to submit a plan to regain compliance. Alpha Star said it expects to file the reports within the 60-day period , which would eliminate the need for the company to submit a formal plan to regain compliance.

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.

Alpha Star in a proxy filing last month said it will seek shareholder approval to push its completion deadline to December, while reducing the monthly extension fee to $35,000 from the current $70,000.

The SPAC in the proxy reported 8,948,580 outstanding shares, including 5,743,580 outstanding public shares. Read more.

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