Metal Sky Star Acquisition Corporation (Nasdaq: MSSA) Announces Extension and Continued Progress
Rhea-AI Summary
Metal Sky Star Acquisition (MSSA) has announced an extension to its SPAC business combination timeline. The company, which aims to facilitate a public listing in the telecom industry, has received shareholder approval for a nine-month extension to complete the transaction.
The de-SPAC process has faced complexities due to extensive regulatory requirements and government approvals. While MSSA's shares will temporarily move to the OTC market, the company expects to re-list on NASDAQ post-transaction completion, subject to meeting initial listing standards.
Positive
- Shareholder approval secured for nine-month extension
- Potential NASDAQ re-listing post-transaction completion
Negative
- Temporary delisting from NASDAQ to OTC markets
- Delayed business combination completion requiring timeline extension
- Complex regulatory approval process causing transaction delays
News Market Reaction
On the day this news was published, MSSA declined 9.95%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
New York, NY, April 08, 2025 (GLOBE NEWSWIRE) -- Metal Sky Star Acquisition Corporation (Nasdaq: MSSA), originally listed on NASDAQ as a Special Purpose Acquisition Company (SPAC), is dedicated to facilitating the public listing of its target company through a strategic business combination.
The transaction, which spans the telecom industry and involves extensive regulatory requirements and government approvals, has encountered complexities typical of de-SPAC processes. Recognizing these challenges, the company is diligently working to secure all necessary clearances.
In support of these efforts, shareholders have approved an additional nine-month extension to complete the transaction. This extended timeline will allow Metal Sky Star to finalize the necessary regulatory approvals and strategic steps.
Furthermore, discussions with NASDAQ have confirmed that while trading in Metal Sky Star’s shares will transition to the OTC market, once the final government approval is obtained and the transaction is completed, the surviving entity is expected to re-list on NASDAQ provided it satisfies the relevant initial listing standards.
Metal Sky Star remains committed to transparency and will continue to provide updates as it moves toward completing this transformative transaction.
About Metal Sky Star Acquisition Corporation
Metal Sky 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:
Wenxi He
Chairman and Chief Executive Officer
221 River Street, 9th Floor, Hoboken, New Jersey 07030
201-721-8789
Email: olivia@metalskystar.com
FAQ
Why is Metal Sky Star Acquisition (MSSA) extending its SPAC timeline?
What happens to MSSA stock during the extension period?
Will MSSA return to NASDAQ after completing the business combination?
How long is the new extension period for MSSA's SPAC merger?
