Tue, Jun 18, 9:05 PM (396 days ago)
Alpha Star Acquisition Corporation filed an amendment to its Q2 2022 10-Q to restate its financial statements, correcting the classification errors of cash held in the trust account and deferred underwriting commissions from current to non-current assets and liabilities, respectively. This restatement resulted in a $115.17M reduction in current assets and a corresponding increase in non-current assets, along with a $2.88M reduction in current liabilities and an increase in non-current liabilities. Management identified these errors during the preparation of the 2023 annual report, citing material weaknesses in internal controls over financial reporting. The amendment includes updated financial statements, management's discussion, and new Sarbanes-Oxley certifications. The company's liquidity remains challenged, with insufficient working capital to cover short-term needs, raising substantial doubt about its ability to continue as a going concern.