Tue, Jun 18, 9:03 PM (275 days ago)
Alpha Star Acquisition Corporation has filed an amendment (Form 10-Q/A) to restate its financial statements as of March 31, 2022. The restatement addresses misclassifications of cash held in the trust account and deferred underwriting commissions, initially classified as current assets and liabilities instead of non-current. This resulted in an overstatement of current assets by $115,010,130 and current liabilities by $2,875,000. The amendment includes adjustments to the balance sheets, management's discussion, and new certifications by executives. The errors identified indicate material weaknesses in internal controls over financial reporting, which management is addressing. The company reported a net loss of $179,479 for Q1 2022, with no operating revenues. Liquidity concerns persist, with $188,773 in cash outside the trust account and $115,010,130 in marketable securities held in trust. The company may need additional financing to complete its business combination by the extended deadline of September 15, 2024.