Tue, Jun 18, 9:02 PM (81 days ago)
Alpha Star Acquisition Corporation filed an amendment to its Annual Report on Form 10-K/A for the fiscal year ended December 31, 2021. The amendment addresses restatements of financial statements due to misclassifications of cash held in the trust account and deferred underwriting commissions payable, which were incorrectly reported as current assets and liabilities instead of non-current. This error led to an overstatement of current assets by $115,000,744 and current liabilities by $2,875,000. The restatement reflects these corrections and acknowledges material weaknesses in internal controls over financial reporting. The amendment includes new certifications from the principal executive and financial officers and highlights the company's ongoing efforts to identify and evaluate acquisition targets. The company had a working capital of $477,051 as of December 31, 2021, and its units are listed on Nasdaq. The amendment emphasizes the importance of proper classification in financial reporting and the impact of internal controls on financial accuracy.