Tue, Jun 18, 9:11 PM (81 days ago)
Alpha Star Acquisition Corporation's Form 10-Q/A for the quarter ended March 31, 2023, addresses the restatement of financial statements due to misclassification of cash held in the trust account and deferred underwriting commissions. The restatement resulted in a $120,639,708 reclassification from current to non-current assets and a $2,875,000 reclassification from current to non-current liabilities. The company reported a net income of $1,147,084 for Q1 2023, primarily from interest and unrealized gains on marketable securities in the trust account. Operating costs were $121,309. The company had a cash balance of $26,694 and marketable securities in the trust account totaling $120,639,708. Management identified material weaknesses in internal controls over financial reporting. The company extended its deadline for completing a business combination to September 15, 2024, and noted the need for additional capital to meet operating expenses and complete a business combination.