Alpha Star Acquisition Corp Releases Q2 2024 10-Q Report

About this update from Alpha Star Acquisition Corporation

Alpha Star Acquisition Corporation, a blank check company focused on effecting business combinations with connections to the Asian market, has released its Form 10-Q report for the quarter ended June 30, 2024. The report provides insights into the company's financial performance and operational status as it prepares for a potential merger with XDATA GROUP OÜ, an Estonia-based fintech solutions provider. Financial Highlights Net Income: $738,105 for the three months ended June 30, 2024, and $1,462,150 for the six months ended June 30, 2024, reflecting a decrease compared to the same periods in 2023 due to lower interest income from marketable securities. Net Income Per Share: $0.15 for redeemable ordinary shares and $(0.04) for non-redeemable ordinary shares for the three months ended June 30, 2024. For the six months ended June 30, 2024, it was $0.29 for redeemable ordinary shares and $(0.08) for non-redeemable ordinary shares. Operating Expenses: $110,523 for the three months ended June 30, 2024, and $349,455 for the six months ended June 30, 2024, indicating an increase in formation and operational costs compared to the previous year. Interest and Dividends Earned in Trust Account: $848,628 for the three months ended June 30, 2024, and $1,811,605 for the six months ended June 30, 2024, showing a decrease from the previous year due to lower marketable securities held in trust. Business Highlights Company Overview: Alpha Star Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company is focused on businesses with connections to the Asian market. Business Combination Intent: The company announced a letter of intent with XDATA GROUP OÜ, an Estonia-based financial technology solutions company, indicating a strategic move towards the fintech sector. Geographical Focus: While the company is not limited to a specific industry or region, it intends to focus on businesses connected to the Asian market, highlighting its strategic interest in this geographical area. Operational Status: As of June 30, 2024, Alpha Star Acquisition Corporation has not engaged in any operations or generated operating revenues. The company's activities have been limited to organizational tasks and preparing for its initial public offering. Future Outlook: The company plans to complete a business combination using cash from its IPO and private unit sales. It anticipates incurring significant costs in pursuit of acquisition plans and expects to generate non-operating income from interest on marketable securities held in the trust account. Liquidity and Capital Resources: The company has a working capital deficit and plans to raise additional capital through loans or investments from its sponsor or third parties to meet operational needs and complete a business combination. Management's Discussion: Management acknowledges the need for additional funds to meet expenditures required for operating the business and completing a business combination. There is substantial doubt about the company's ability to continue as a going concern if a business combination is not consummated. SEC Filing:

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