Source : investing, Friday, 4/10/2024
Alpha Star Acquisition Corporation (NASDAQ: ALSA), a special purpose acquisition company, has received notice from NASDAQ that it does not currently meet the minimum market capitalization requirement for listed securities (MVLS) to continue listing on the Nasdaq Global Market. Listing Rule on NASDAQ 5450(b)(2)(A) However, companies must maintain a minimum market capitalization of listed securities of $50 million. The market capitalization of the Company’s listed securities was below this threshold from August 12, 2024 to September 30, 2024.
Despite this notice, trading of the company’s securities remained unaffected. Alpha Star received a compliance period until March 31, 2025, to address this shortfall. To restore compliance, the market value of the Company’s listed securities must be at or above $50 million for at least ten consecutive business days prior to the deadline. If AlphaStar achieves this standard during the compliance period.
Nasdaq will provide written assurance of compliance, and the matter will be resolved..
However, if AlphaStar fails to meet the market capitalization requirements for listed securities by the end of the compliance period.
its securities may be delisted from Nasdaq. As an alternative, the company may consider moving to the NASDAQ Capital market..
Alpha Star, registered in the Cayman Islands, incorporated to execute a merger, share exchange, asset acquisition, and share purchase.
reorganization or similar business merger with one or more companies. In response to the Nasdaq notice, the company expressed its intention to restore compliance with the market capitalization requirements for listed securities and is currently evaluating its options to do so during the 180-calendar day allotted period.
This press release includes forward-looking statements, which are subject to various conditions and doubts. Alpha Star stated that it does not plan to update these forward-looking statements, except as required by law. The information in this article is based on a press release from Alpha Star Acquisition Corporation..
In other recent news, Alpha Star Acquisition Corporation and Estonian fintech solutions company OU Xdata Group have announced a merger agreement. This agreement paves the way for a merger expected to complete in late 2024, pending regulatory and shareholder approvals. The transaction involves the creation of an exempted company in the Cayman Islands (PubCo).
into which Alpha Star will merge, making XDATA is a wholly-owned subsidiary of PubCo.
a company that will soon be publicly listed on the NASDAQ.
This is an important development in the fintech sector, with XDATA’s product offerings including online and mobile banking applications, an AI-enhanced transaction monitoring solution ComplyControl.
and a comprehensive customer relationship management solution. The completion of the merger is subject to several conditions, including the effectiveness of the registration statement that PubCo will submit to the JSC and exchanges and NASDAQ’s approval of XDATA’s listing request.
Legal advisors for the transaction include Han Kun Law Firm, Alpha Star’s Oger (Cayman), and XDATA’s Loeb & Loeb Firm. These recent developments underscore the dynamic nature of the fintech industry. Please note that the information provided here is based on a press release.
The current market position of Alpha Star Acquisition Corporation provides an accurate picture for investors. InvestingPro data reveals that the company’s market capitalization stands at $48.43 million, slightly below the $50 million market capitalization requirement for listed securities set by Nasdaq. This situation closely relates to the compliance issue discussed in the article.
