Alpha Star Acquisition Corporation Announces Receipt of Notice from Nasdaq Regarding Minimum Market Value Deficiency
Rhea-AI Summary
Alpha Star Acquisition (Nasdaq: ALSA) has received a notice from Nasdaq indicating non-compliance with the minimum Market Value of Listed Securities (MVLS) requirement. The company failed to maintain the required $50,000,000 MVLS for 30 consecutive business days from August 12 to September 30, 2024.
ALSA has been granted a 180-day compliance period until March 31, 2025, to regain compliance. To do so, the company's MVLS must meet or exceed $50,000,000 for at least 10 consecutive business days. If ALSA fails to comply within this period, its securities may be subject to delisting from Nasdaq. The company is evaluating options to regain compliance, including the possibility of transferring to the Nasdaq Capital Market.
Positive
- 180-day compliance period granted to regain MVLS requirement
- Option to transfer to Nasdaq Capital Market if compliance is not achieved
Negative
- Non-compliance with Nasdaq's minimum Market Value of Listed Securities requirement
- Risk of delisting from Nasdaq if compliance is not regained by March 31, 2025
- MVLS fell below $50,000,000 for 30 consecutive business days
News Market Reaction – ALSA
In the trading session that priced this news, ALSA gained 0.42%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
New York, NY, Oct. 04, 2024 (GLOBE NEWSWIRE) -- Alpha Star Acquisition Corporation. (Nasdaq: ALSA) (the “Company”) announced that it has received a letter (the “Letter”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company is currently not in compliance with the minimum Market Value of Listed Securities (“MVLS”) set forth in the Nasdaq Listing Rules for continued listing on the Nasdaq Global Market (the “MVLS Requirement”). Nasdaq Listing Rule 5450(b)(2)(A) requires companies to maintain a minimum MVLS of US
Pursuant to Nasdaq Listing Rule 5810(c)(3)(C), the Company has been provided a compliance period of 180 calendar days, or until March 31, 2025, to regain compliance with the Rule. To regain compliance, the Company’s MVLS must meet or exceed
In the event the Company fails to timely regain compliance with the Rule, the Company’s securities will be subject to delisting from Nasdaq. Alternatively, the Company may consider applying for a transfer to the Nasdaq Capital Market.
The Company intends to regain compliance with the applicable Nasdaq Listing Rules and will evaluate its available options to regain compliance with the MVLS Requirement within the 180-calendar-day compliance period.
About Alpha Star Acquisition Corporation
Alpha Star Acquisition Corporation is a blank check company formed under the laws of the Cayman Islands for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
Forward Looking Statements
This press release contains statements that constitute “forward-looking statements”. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and final prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Company Contacts:
Zhe Zhang
Chairman and Chief Executive Officer
100 Church Street, 8th Floor, New York, New York
(332) 233-4356
Email: zhangzhe@siftcap.cn
