Wed, Apr 30, 10:06 AM (19 days ago)
**Global Star Acquisition Inc. (GLST) Summary:** **Financial Performance:** - **Revenue:** Not applicable as the company has not commenced operations. - **Net Income:** Net loss of $768,551 for 2024, compared to net income of $1,044,077 in 2023. - **Operating Expenses:** $2,091,648 in 2024, primarily legal, professional, and advisory fees, and insurance expenses. - **Earnings per Share:** $(0.13) for 2024. **Strategic Overview:** - **Business Purpose:** To effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. - **IPO:** Completed on September 22, 2022, raising $80,000,000 from 8,000,000 units. - **Trust Account:** $4,374,657 in marketable securities as of December 31, 2024. - **Merger Agreement:** With K Enter Holdings Inc., subject to approval and other conditions. **Future Outlook:** - **Business Combination Deadline:** Extended to June 22, 2025. - **Liquidity:** Cash of $510,939 in operating bank accounts and a working capital deficit of $5,017,714. - **Risks:** Delisting from Nasdaq, potential liquidation, and regulatory uncertainties. **Risk Factors:** - **Delisting:** From Nasdaq due to failure to meet listing requirements. - **Liquidation:** Mandatory if a business combination is not completed by June 22, 2025. - **Regulatory:** Uncertainties related to SEC rules and potential changes in tax laws. **Financial Condition:** - **Cash Position:** $510,939 in operating bank accounts, with $505,997 restricted for tax payments. - **Trust Account:** $4,374,657 in marketable securities. - **Working Capital Deficit:** $5,017,714. **Market Position Changes:** - **Delisting:** From Nasdaq, trading on OTC Markets under ticker symbols GLST, GLSTU, GLSTR, and GLSTW. - **PIPE Financing:** $4.5 million in promissory notes convertible into shares of common stock. **Note:** Amounts are in thousands, 000s.