Alpha Star Acquisition Corp (ALSAF) adopted shareholder-approved amendments on October 13, 2026. The trust agreement removes the monthly extension payment beginning with the payment due in October 2026 and gives the company discretion to delay commencement of trust liquidation through up to 12 one-month extensions, from December 15, 2026, through December 15, 2027, without additional deposits into the Trust Account. A related charter amendment extends the deadline to consummate a business combination to December 15, 2027, also without additional Trust Account deposits.
At the October 13 meeting, 3,205,002 ordinary shares were represented, or 99.32% of shares outstanding as of the September 15, 2026 record date. All 3,205,002 shares voted for each of the trust and charter amendments, with zero against and zero abstentions. The adjournment proposal was not voted because the other proposals had received the required approval. No holders of public shares submitted new requests to redeem their shares for cash in connection with the votes.
Alpha Star Acquisition Corporation (ALSAF) is asking shareholders at an October 13, 2026 extraordinary general meeting to approve amendments to its trust agreement and charter to extend its deadline to complete a business combination to December 15, 2027 and to remove the requirement for the sponsor to pay a $35,000 monthly extension fee starting with the October 2026 payment.
If approved, the board could extend the date to begin liquidating the trust account by up to twelve one‑month increments without additional deposits, while public shareholders would be able to elect to redeem their public shares for cash at the meeting and still retain redemption rights on any future business combination or at the extended deadline. As of September 15, 2026, the trust account held $996,610.95, or about $45.38 per public share, compared with a closing market price of $15.40 that day.
If the proposals are not approved and no business combination is completed by December 15, 2026 (assuming the remaining two one‑month extensions are used with the associated $35,000 monthly payments), Alpha Star would redeem 100% of outstanding public shares from the trust and proceed to wind up and liquidate, leaving its rights and warrants to expire worthless. The board recommends voting in favor of all three proposals and notes that the sponsor and insiders, who collectively control about 99.3% of voting shares, intend to vote for them.
Alpha Star Acquisition Corp (ALSAF) is calling an extraordinary general meeting on October 13, 2026 to ask shareholders to amend its Trust Agreement and charter so it can extend the deadline to complete a business combination from December 15, 2026 to December 15, 2027, in up to twelve one‑month increments, without making further monthly deposits into the trust account.
The SPAC has a signed Business Combination Agreement with XDATA and has already obtained shareholder approval for that deal, but states it may not close by the current termination date. Public shareholders may elect to redeem their shares for their pro rata portion of the trust in connection with these extension votes, regardless of how they vote. If the proposals are not approved and no business combination is completed by December 15, 2026 (after any remaining paid extensions), Alpha Star will redeem all public shares and liquidate.
The sponsor and insiders, who beneficially own about 99.3% of outstanding ordinary shares through founder shares and private placement units, have agreed to vote in favor of all proposals and to waive liquidation distributions on their founder and private placement shares. High redemptions in connection with the extension could significantly reduce the cash remaining in the trust, and the company notes it may need additional financing to complete a business combination.
Alpha Star Acquisition Corp (ALSAF) reported a small pre‑combination loss and very tight liquidity for the quarter ended June 30, 2026. The company, a SPAC targeting businesses with links to the Asian market, recorded a net loss of $142,258 for the quarter and $308,056 for the first six months of 2026, driven by formation and operating costs with only modest trust interest income.
Total assets were $849,169, including $814,834 of marketable securities in the trust account, while current liabilities reached $2,477,128 and deferred underwriting commissions remained at $950,000, resulting in a stockholders’ deficit of $(3,392,793) and a working capital deficit of $(2,442,793). After heavy redemptions, only 21,962 public shares remain subject to redemption. Management discloses substantial doubt about the company’s ability to continue as a going concern if it cannot close a business combination by December 15, 2026, especially given there is no cash outside the trust and reliance on non‑interest‑bearing sponsor loans totaling $1,910,121. Alpha Star has a signed Business Combination Agreement with OU XDATA GROUP, but its securities have been delisted from Nasdaq and now trade on the OTC Market, and a previously identified material weakness in internal control over financial reporting remains unresolved.
Alpha Star Acquisition Corporation reported that shareholders overwhelmingly approved its proposed business combination with XDATA at an Extraordinary General Meeting. A quorum of 3,206,449 ordinary shares, representing 99.36% of shares outstanding as of May 27, 2026, was present in person or by proxy.
All key proposals passed, including the Business Combination Agreement with Xdata Group and OU XDATA GROUP, the Reincorporation Merger into PubCo, related Nasdaq listing approvals, new PubCo governance documents and name change to “Xdata Group,” an incentive plan, and appointment of five PubCo directors. Only 46 ordinary shares were tendered for redemption, and the company plans to close the Business Combination as described in the proxy statement as soon as possible.
Alpha Star Acquisition Corporation is asking shareholders to approve a business combination with Estonia-based XDATA via a Cayman holding company, Xdata Group (PubCo), and a reincorporation merger into PubCo. XDATA shareholders would receive 18,000,000 PubCo ordinary shares, representing about 78.6% of PubCo on a basic share count of roughly 22.9 million shares.
Assuming full exercise of warrants and equity plan awards, PubCo would have about 31.2 million shares outstanding, with XDATA holders owning roughly 57.7%. Alpha Star’s sponsor would hold about 3.2 million shares, or around 10–14% depending on dilution. Prior extensions led to multiple redemption rounds and delisting from Nasdaq, leaving very few public shares and OTC trading status; the deal requires PubCo shares to be approved for Nasdaq listing under “XDT” and warrants under “XDTWW.” The sponsor has also provided and partially waived non‑interest‑bearing loans and will receive reimbursement and ongoing benefits, creating conflicts that are disclosed alongside a third‑party fairness opinion supporting the transaction.
Alpha Star Acquisition Corp: An amendment to a Schedule 13G/A filed by Clear Street LLC reports that Clear Street holds 0 shares of Alpha Star common stock (CUSIP G0230C108) and 0.0% of the class. The amendment states the 13G reporting obligation is being terminated because Clear Street's beneficial ownership does not meet the 5% threshold.
The amendment is signed by John DiBacco, Head of Markets Trading, dated 05/20/2026. The filing lists Clear Street's address as 4 World Trade Center, New York.
Alpha Star Acquisition Corporation reports unaudited results for the quarter ended March 31, 2026, as it continues to seek a business combination with OU XDATA GROUP. The SPAC recorded a net loss of $165,798, driven by formation and operational costs of $172,613 partially offset by interest and unrealized gains from its Trust Account.
Assets totaled $891,862, including $829,887 of marketable securities held in trust, while current liabilities were $2,377,563, resulting in a working capital deficit of $2,293,398 as of March 31, 2026. Sponsor promissory notes and loans outstanding reached $1,880,216 after significant prior waivers of $6,992,231 were recorded to additional paid-in capital.
The company remains a pre-revenue SPAC and has until December 15, 2026 to complete a business combination, after multiple shareholder-approved deadline extensions and substantial redemptions of public shares. Management discloses substantial doubt about the ability to continue as a going concern if no deal is completed by the Liquidation Date, especially given the absence of cash outside the Trust Account and reliance on Sponsor funding. Alpha Star’s securities were delisted from Nasdaq in late 2024 and now trade on the OTC market, while the planned merger structure with OU XDATA GROUP and the Cayman Islands PubCo entity continues to move forward under existing agreements.
Alpha Star Acquisition Corp ownership disclosure: Clear Street LLC reports beneficial ownership of 1,326,871 shares of Common Stock, representing 41.1% of the class. The filing states Clear Street has sole voting and sole dispositive power over these shares. The filing is dated 05/05/2026.