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Alpha Star Acquisition Corporation (OTC Markets Group:ALSWF), a company specializing in prepackaged software services, announced on Thursday that its shareholders have approved an extension of the deadline to complete a business combination until December 15, 2025. This decision was made during an Extraordinary General Meeting held on the same day, as detailed in the company’s recent SEC filing. The company’s stock, currently trading at $2, has experienced significant pressure this year, with a -83.47% year-to-date return. According to InvestingPro data, the company maintains a weak Financial Health Score of 1.58 out of 10.
The extension allows Alpha Star additional time to secure a suitable business combination partner. The amendments to the company’s Amended and Restated Memorandum and Articles of Association were necessary to facilitate this extension. Shareholders voted overwhelmingly in favor of the extension, with 3,205,016 votes for and none against or abstaining. With the stock trading at its 52-week low of $2, down from its high of $14.69, investors seeking deeper insights can access additional analysis and ProTips through InvestingPro.
Alpha Star, headquartered in New York, is incorporated in the Cayman Islands and has its securities listed on the OTC Markets Group Inc. The company’s units, ordinary shares, redeemable warrants, and rights are traded under the symbols ALSUF, ALSAF, ALSWF, and ALSTF, respectively.
The approved amendments also include changes to the company’s investment management trust agreement. These changes give Alpha Star the discretion to extend the date for commencing the liquidation of the trust account established during its IPO, with up to six additional one-month extensions possible. Each extension would require a deposit of $35,000 into the trust account. The company’s next earnings report is scheduled for August 13, 2025, which could provide crucial updates on the business combination progress.
In addition to the extension, shareholders also approved the adjournment proposal, which would allow the meeting to be adjourned to a later date if necessary to solicit additional proxies if there were not enough votes to approve the proposals. However, as the required approval was received, this proposal was rendered moot and not voted upon.
The information provided in this article is based on a press release statement from Alpha Star Acquisition Corporation.
In other recent news, Alpha Star Acquisition Corp announced the approval of its business combination with XDATA Group by its shareholders. The Extraordinary General Meeting, which had a high turnout, saw 99.47% of outstanding shares represented, indicating strong shareholder engagement. Key proposals, including the pivotal Business Combination Proposal, were approved with 3,205,059 votes in favor and 5,400 against. The Reincorporation Merger Proposal, facilitating Alpha Star’s merger into XDATA Group, received identical support. The Nasdaq Listing Proposal, essential for compliance with Nasdaq’s listing rules, was also passed with the same margin. Additionally, the Governance Proposal, which includes renaming the entity as "Xdata Group," was approved. The Incentive Plan Proposal and Director Appointment Proposal secured approval without opposition. The Adjournment Proposal was deemed unnecessary as all other proposals passed. This marks a significant step forward for Alpha Star as it moves closer to finalizing its business combination with XDATA Group.
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