Wed, Jul 3, 8:45 PM (66 days ago)
Alpha Star Acquisition Corporation (ASAC) filed its annual report for the fiscal year ended December 31, 2023. The company, a blank check entity, is focused on merging with or acquiring businesses, particularly those with ties to the Asian market. ASAC completed its IPO on December 15, 2021, raising $115 million. As of December 31, 2023, the trust account held $101.6 million, down from $118.2 million the previous year, largely due to redemptions and operational costs. For 2023, ASAC reported a net income of $4.9 million, driven by $4.9 million in interest income from marketable securities and a $448k unrealized gain. Operating expenses were $435k. The company has until September 15, 2024, to complete a business combination, with potential monthly extensions requiring additional funds. ASAC faces significant risks, including regulatory scrutiny from the PRC, cybersecurity concerns, and compliance with U.S. laws like the HFCAA and AHFCAA. These could impact its ability to complete a business combination, particularly with a China-based entity. The company also identified a material weakness in its internal controls over financial reporting.