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 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.
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.
Alpha Star Acquisition Corporation entered into a new loan agreement with its sponsor, A-Star Management Corp., providing a US$500,000 loan to the company. The funds are intended to cover certain transaction costs and an extension fee as the SPAC pursues its initial business combination.
The loan carries no interest and becomes payable when Alpha Star completes its initial business combination, although the principal can be repaid at any time before that. The agreement formalizes sponsor support for ongoing transaction-related expenses without adding interest-bearing debt.
Alpha Star Acquisition Corporation entered into a new loan agreement with its sponsor, A-Star Management Corp., providing a US$500,000 loan to the company. The funds are intended to cover certain transaction costs and an extension fee as the SPAC pursues its initial business combination.
The loan carries no interest and becomes payable when Alpha Star completes its initial business combination, although the principal can be repaid at any time before that. The agreement formalizes sponsor support for ongoing transaction-related expenses without adding interest-bearing debt.
Alpha Star Acquisition Corporation reported results of an Extraordinary General Meeting held on December 11, 2025, where shareholders approved changes that extend the company’s timeframe to complete a business combination. Investors approved a Trust Amendment Proposal allowing the company to extend the date to begin liquidating its IPO trust account from December 15, 2025 to December 15, 2026, with the option of up to twelve one-month extensions funded by a $35,000 Extension Payment into the trust account for each month.
Shareholders also approved a Charter Amendment Proposal to extend the deadline to consummate a business combination to December 15, 2026 by amending the company’s amended and restated memorandum and articles of association. All proposals on the agenda received 3,205,605 votes for and zero against or abstaining, representing 99.32% of outstanding ordinary shares as of the November 19, 2025 record date.
Alpha Star Acquisition Corporation reported results of an Extraordinary General Meeting held on December 11, 2025, where shareholders approved changes that extend the company’s timeframe to complete a business combination. Investors approved a Trust Amendment Proposal allowing the company to extend the date to begin liquidating its IPO trust account from December 15, 2025 to December 15, 2026, with the option of up to twelve one-month extensions funded by a $35,000 Extension Payment into the trust account for each month.
Shareholders also approved a Charter Amendment Proposal to extend the deadline to consummate a business combination to December 15, 2026 by amending the company’s amended and restated memorandum and articles of association. All proposals on the agenda received 3,205,605 votes for and zero against or abstaining, representing 99.32% of outstanding ordinary shares as of the November 19, 2025 record date.
Alpha Star Acquisition Corporation entered into an amendment to its underwriting agreement with Ladenburg Thalmann & Co., Inc. on October 13, 2025. Ladenburg agreed to reduce the deferred underwriting commission from $2,875,500 to $950,000, reflecting redemption levels by public shareholders and the Trust Account balance in connection with Alpha Star’s business combination with OU XDATA GROUP.
The amended commission is to be paid in cash at the closing of the business combination. If the Company does not pay, OU XDATA GROUP will pay at closing. The amendment is filed as Exhibit 10.1, with its terms incorporated by reference.
Alpha Star Acquisition Corporation entered into an amendment to its underwriting agreement with Ladenburg Thalmann & Co., Inc. on October 13, 2025. Ladenburg agreed to reduce the deferred underwriting commission from $2,875,500 to $950,000, reflecting redemption levels by public shareholders and the Trust Account balance in connection with Alpha Star’s business combination with OU XDATA GROUP.
The amended commission is to be paid in cash at the closing of the business combination. If the Company does not pay, OU XDATA GROUP will pay at closing. The amendment is filed as Exhibit 10.1, with its terms incorporated by reference.