Metal Sky Star Acquisition Corporation Stock Price, News & Analysis

Metal Sky Star Acquisition (MSSA) has received a delisting notice from Nasdaq on April 2, 2025, due to failing to complete an initial business combination within the required 36-month timeframe following its IPO.

The company's securities will be suspended from trading on Nasdaq effective April 9, 2025, including its Ordinary Shares, Units, Rights, and Warrants. A Form 25-NSE will be filed with the SEC to formally remove the securities from Nasdaq listing and registration.

MSSA will not appeal the delisting decision but plans to apply for listing on the OTC market under the same ticker symbols. The company states it is working to complete a business combination and will maintain its status as a reporting entity under the Securities Exchange Act of 1934.

Metal Sky Star Acquisition (NASDAQ: MSSA) has entered into a letter of intent to acquire Fedilco Group , which holds an 80% stake in Viva Armenia, a leading telecom company. Viva commands a dominant market position with a 61% share by active subscribers and 58.18% by total revenue in Armenia's telecom market, serving over 2.3 million unique subscribers. The company employs 1,132 staff and maintains roaming partnerships with 529 operators across 192 countries. As one of Armenia's Top 10 taxpayers, Viva has pioneered corporate social responsibility in the country's telecom sector following ISO 26000 standards.

Metal Sky Star Acquisition (NASDAQ: MSSA) has announced a letter of intent (LOI) to acquire all issued and outstanding shares of Fedilco Group , which holds an 80% equity interest in Viva Armenia Closed Joint-Stock Company. Viva is an Armenia-based telecommunication company with 529 roaming partners in 192 countries. The company is known for its principle of making mobile services widely available and is the first in Armenia to implement CSR as a management model following ISO 26000 principles.

Wenxi He, CEO of Metal Sky, expressed excitement about the potential transaction, highlighting Viva's leadership in Armenia's telecommunication industry. Loizos Vasiliou, Director of Fedilco, emphasized the partnership's focus on next-generation telecommunication technology and the benefits of entering public markets.

Metal Sky Star Acquisition has entered into a non-binding letter of intent (LOI) for a business combination with Okidoki OÜ, Estonia's leading general classifieds platform. Founded in 2007, Okidoki boasts over 800,000 registered users, including more than 2,000 business accounts. The proposed transaction values Okidoki at a total equity value of $120 million.

Under the terms, Okidoki's existing equity holders would roll 100% of their equity into the combined public company. The definitive agreement is expected to be announced in Q4 2024. This partnership aims to facilitate Okidoki's expansion into new markets and potential listing on Nasdaq. However, the transaction remains subject to board and equity holder approvals, regulatory clearances, and other customary conditions.

Metal Sky Star Acquisition (Nasdaq: MSSA) has received a notice from Nasdaq on September 5, 2024, regarding two deficiencies that could lead to delisting. The first issue is the company's failure to timely file its Q2 2024 10-Q report. The second is not meeting the requirement of having at least 400 public holders for continued listing on the Nasdaq Global Market. These matters will be considered by the Nasdaq Hearings Panel in a hearing scheduled for September 19, 2024. MSSA plans to present its views on these deficiencies and intends to resolve them before the hearing date.

Metal Sky Star Acquisition (Nasdaq: MSSA) has received a notice from Nasdaq regarding potential suspension and delisting of its securities. The company faces two issues: failure to complete a business combination within 36 months of its IPO registration statement's effectiveness, and delayed filings of its Q1 2024 10-Q and FY 2023 10-K reports. MSSA has until August 14, 2024 to request an appeal, which would stay the suspension for 15 days. The company submitted a compliance plan on July 30, 2024. If no action is taken, MSSA's securities may be suspended and delisted from the Nasdaq Capital Market on August 16, 2024.

Metal Sky Star Acquisition (Nasdaq: MSSA) has received a notice from Nasdaq due to its failure to file its Form 10-K for the period ending December 31, 2023, and Form 10-Q for the period ending March 31, 2024. This non-compliance with Nasdaq Listing Rule 5250(c)(1) has no immediate effect on the company's listing. MSSA has 60 days to submit a compliance plan, which, if accepted by Nasdaq, could extend the deadline by up to 180 days. The company aims to file the required forms within the 60-day period, eliminating the need for a formal compliance plan.

Future Dao Group Holding Limited and Metal Sky Star Acquisition Corporation have announced a merger agreement that will lead to Future Dao becoming a publicly-traded company listed on Nasdaq. The agreement values Future Dao at $350 million, with plans for approximately 26,100 Bitcoin mining machines to be operational by the first anniversary of the merger. Future Dao aims to use proceeds from the transaction to invest in mining facilities and enhance its blockchain technology applications. Both boards have unanimously approved the merger, which awaits shareholder approval and SEC regulatory conditions. Major legal advisors include Becker & Poliakoff LLP and Ogier (Cayman) LLP for MSSA, and King & Wood Mallesons for Future Dao.

Metal Sky Star Acquisition Corporation (NASDAQ: MSSA) has announced a deposit of $187,188 into its trust account to extend the completion deadline for its business combination by one month, now set for March 5, 2023. This extension can occur eleven additional times, each requiring a similar monthly deposit, stretching the deadline until February 5, 2024. Metal Sky is a blank check company aimed at executing mergers or acquisitions.