Tue, Jun 18, 9:16 PM (81 days ago)
Alpha Star Acquisition Corporation filed an Amendment No. 1 to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, to restate its financial statements. The restatement was necessary due to the improper classification of cash held in the trust account and deferred underwriting commissions as current assets and liabilities rather than non-current. This misclassification resulted in an overstatement of current assets by $99.37 million and current liabilities by $2.88 million. Consequently, non-current assets and liabilities were understated by the same amounts. The error was identified during the preparation of the annual report for the year ended December 31, 2023. The restatement impacts the audited financial statements for 2021 and 2022, and the unaudited financial statements for several quarters in 2022 and 2023. The company also reported a material weakness in internal controls over financial reporting. The restatement did not affect other information in the Q3 2023 Form 10-Q.