Alpha Star Acquisition Corporat

ALSAF: DEF 14A · proxy statement

Alpha Star Acquisition Corporation, a Cayman Islands SPAC, filed a definitive proxy for an October 13, 2026 extraordinary general meeting asking shareholders to amend its trust agreement and charter to extend the business combination deadline by up to twelve one-month extensions from December 15, 2026 to December 15, 2027, while eliminating the sponsor's $35,000 monthly extension fee going forward. The extra time is intended to close the company's long-pending merger with Estonia-based XDATA, which shareholders approved in both May 2025 and June 2026 but which remains unclosed. If the proposals fail and no deal is consummated by December 15, 2026, Alpha Star will redeem 100% of public shares and liquidate. The filing lays out a distressed picture: the trust account held only about $996,610.95 as of September 15, 2026 (roughly $45.38 per public share) versus a $15.40 closing share price, a fraction of the $115,000,000 raised in its December 2021 IPO. The company was delisted from NASDAQ in December 2024 for missing its combination deadline and now trades on the OTCID market. Sponsor A-Star Management Corporation, controlled by Chairman and CEO Zhe Zhang, owns about 99.3% of outstanding shares, making passage near-certain. Remaining public holders may redeem at the trust's per-share value, and the warrants and rights expire worthless if no business combination is completed by the deadline.

SEC DEF 14A•1mo ago

ALSAF: 10-Q · periodic report

Alpha Star Acquisition Corporation, a Cayman Islands blank check company, reported a net loss of $142,258 for the quarter ended June 30, 2026 and $308,056 for the first six months of 2026, with no operating revenue as it continues pursuing its initial business combination. Management disclosed substantial doubt about the company's ability to continue as a going concern, facing a December 15, 2026 liquidation deadline, a working capital deficit of $2,442,793, and only $814,834 remaining in its trust account after repeated shareholder redemptions from the original $115 million IPO. The pending business combination with Estonia-based OU XDATA GROUP, signed in September 2024, remains outstanding, and certain Sponsor extension payments due March through July 2026 were funded after their due dates, constituting a breach of the extension provisions before the Sponsor subsequently remedied them. Management also reported a material weakness in internal control over financial reporting, concluded that disclosure controls were not effective as of June 30, 2026, and the company's securities now trade on the OTC market following its December 2024 Nasdaq delisting.

SEC 10-Q•1mo ago

ALSAF: NT 10-Q · late filing

Alpha Star Acquisition Corporation filed a Form 12b-25 (NT 10-Q) notifying the SEC that it cannot timely file its quarterly report for the quarter ended June 30, 2026. The company attributed the delay to a lag in compiling and processing certain information for the 10-Q and said it expects to file on or before the fifth calendar day after the prescribed due date. Notably, the registrant checked "No" on whether a significant change in results of operations versus the prior-year period is anticipated, and confirmed all other periodic reports over the trailing twelve months were filed on time. Even so, any late filing on a blank-check company is a compliance flag worth monitoring to confirm the report lands within the grace window.

SEC NT 10-Q•2mo ago