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Alpha Star Acquisition Corporation (NASDAQ:ALSAU) announced today that its shareholders have approved amendments to the company's charter and trust agreement, extending the deadline to complete a business combination until June 15, 2025. The decision was made during an Extraordinary General Meeting held on Friday, with the aim of allowing the company more time to finalize a merger or acquisition.
The amendments to Alpha Star's Amended and Restated Memorandum and Articles of Association were described in the definitive proxy statement filed on December 16, 2024. The company's shareholders voted in favor of the extension, which was one of the key proposals on the agenda.
In addition to extending the merger deadline, the shareholders approved the modification of the company's investment management trust agreement to permit up to six monthly extensions for liquidating the trust account, with each extension requiring a deposit of $35,000 into the account.
The vote results showed overwhelming support for the proposals, with 3,530,172 votes for and 11,121 against both the trust amendment and the charter amendment. The proposal to adjourn the meeting was not voted on, as the other proposals had already been approved.
Alpha Star, a blank check company, is now provided additional time to identify and merge with a target business, leveraging the funds secured during its initial public offering. The company, which operates in the real estate and construction sectors, is headquartered in New York and is focused on identifying a prospective merger partner.
This extension provides Alpha Star with a broader window to find a suitable business combination, reflecting the company's strategic approach to evaluating potential opportunities.
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