Alpha Star Acquisition Corp Releases Q3 2024 10-Q Report

About this update from Alpha Star Acquisition Corporation

Alpha Star Acquisition Corporation, a blank check company focused on business combinations with connections to the Asian market, has released its Form 10-Q report for the third quarter of 2024. The report provides insights into the company's financial performance and operational activities, highlighting key developments and future outlook. Financial Highlights Net Income: $1.32 million for the nine months ended September 30, 2024, compared to $3.72 million for the same period in 2023, reflecting a decrease due to higher operating expenses. Net Income (Loss) for the Three Months Ended September 30, 2024: $(0.14) million, compared to $1.23 million for the same period in 2023, primarily due to increased formation and operational costs. Net Income Per Share (Non-redeemable): $(0.17) for the nine months ended September 30, 2024, compared to $(0.25) for the same period in 2023, indicating a slight improvement in per-share performance despite overall lower net income. Net Income Per Share (Redeemable): $0.42 for the nine months ended September 30, 2024, consistent with the same period in 2023, showing stability in earnings attributable to redeemable shares. Interest Income on Marketable Securities Held in Trust Account: $2.13 million for the nine months ended September 30, 2024, compared to $4.04 million for the same period in 2023, reflecting lower interest rates or reduced principal amounts due to redemptions. 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, share 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 Agreement: On September 12, 2024, Alpha Star entered into a Business Combination Agreement with OU XDATA GROUP, an Estonian company. This agreement involves the incorporation of a new Cayman Islands company, PubCo, which will merge with Alpha Star and result in XDATA becoming a wholly owned subsidiary of PubCo. Subsidiary Establishment: On September 4, 2024, Alpha Star established a wholly owned subsidiary, Xdata Group (PubCo), in the Cayman Islands to facilitate the business combination with XDATA. Operational Activities: The company has not engaged in any operations or generated operating revenues to date. Its activities have been limited to organizational tasks and preparing for the Initial Public Offering (IPO) and identifying a target company for a business combination. Future Outlook: Alpha Star intends to effectuate its business combination using cash from the IPO and private unit sales, shares, debt, or a combination thereof. The company expects to incur significant costs in pursuit of its acquisition plans and cannot assure successful completion of a business combination. Liquidity and Capital Resources: As of September 30, 2024, Alpha Star had marketable securities held in a trust account amounting to $10,962,587. The company plans to use these funds to complete its business combination and finance operations of the target business post-combination. Going Concern Considerations: Management has expressed substantial doubt about the company's ability to continue as a going concern if it fails to complete a business combination by December 15, 2024. The company is actively seeking additional financing options to support its operations. SEC Filing:

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