Alpha Star Acquisition Corp Files Q1 2024 10-Q
Ticker: ALSWF · Form: 10-Q · Filed: Jul 30, 2024 · CIK: 1865111
Sentiment: neutral
Topics: 10-Q, SPAC, financials
TL;DR
Alpha Star Acquisition Corp's Q1 2024 10-Q is in. Financials updated, no major surprises yet.
AI Summary
Alpha Star Acquisition Corp filed its 10-Q for the period ending March 31, 2024. The company, a blank check company, reported its financial status and operational details. Key financial data points include balances for common stock, additional paid-in capital, and retained earnings as of December 31, 2023, and March 31, 2024.
Why It Matters
This filing provides investors with an update on Alpha Star Acquisition Corp's financial health and operational status for the first quarter of 2024, crucial for understanding the company's progress towards its business objectives.
Risk Assessment
Risk Level: low — This filing is a routine quarterly report for a SPAC, providing standard financial disclosures without immediate significant new risks.
Key Numbers
- 0001865111 — Central Index Key (Unique identifier for Alpha Star Acquisition Corp)
- 001-41153 — SEC File Number (SEC's file number for Alpha Star Acquisition Corp)
Key Players & Entities
- Alpha Star Acquisition Corp (company) — Filer of the 10-Q
- 2024-03-31 (date) — End of the reporting period
- 2024-07-30 (date) — Filing date
- 80 BROAD STREET, NEW YORK, NY 10004 (address) — Company's business and mailing address
FAQ
What is the primary business of Alpha Star Acquisition Corp as indicated in this filing?
Alpha Star Acquisition Corp is identified as a blank check company, with SIC code 6770 (Blank Checks).
What period does this 10-Q filing cover?
This 10-Q filing covers the period ended March 31, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted to the SEC on July 30, 2024.
What are the components of the units offered by Alpha Star Acquisition Corp?
The units consist of one ordinary share, one redeemable warrant, and one right.
What are the key financial statement components mentioned for December 31, 2023?
Key financial statement components mentioned for December 31, 2023, include Common Stock, Additional Paid In Capital, and Retained Earnings.
Filing Stats: 4,567 words · 18 min read · ~15 pages · Grade level 17.5 · Accepted 2024-07-30 16:05:30
Key Financial Figures
- $0.001 — daq Stock Market LLC Ordinary Shares, $0.001 par value ALSA The Nasdaq Stock Mar
Filing Documents
- form10-q.htm (10-Q) — 507KB
- ex31-1.htm (EX-31.1) — 15KB
- ex31-2.htm (EX-31.2) — 14KB
- ex32-1.htm (EX-32.1) — 7KB
- ex32-2.htm (EX-32.2) — 7KB
- 0001493152-24-029600.txt ( ) — 3340KB
- alsa-20240331.xsd (EX-101.SCH) — 33KB
- alsa-20240331_cal.xml (EX-101.CAL) — 31KB
- alsa-20240331_def.xml (EX-101.DEF) — 155KB
- alsa-20240331_lab.xml (EX-101.LAB) — 228KB
- alsa-20240331_pre.xml (EX-101.PRE) — 180KB
- form10-q_htm.xml (XML) — 443KB
Financial Information
Part I. Financial Information Item 1.
Financial Statements
Financial Statements 1 Balance Sheets (Unaudited) 1 2 3 4 Notes to Unaudited Financial Statements 5 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.
Quantitative and Qualitative Disclosures Regarding Market Risk
Quantitative and Qualitative Disclosures Regarding Market Risk 20 Item 4.
Controls and Procedures
Controls and Procedures 20
Other Information
Part II. Other Information Item 1.
Legal Proceedings
Legal Proceedings 21 Item 1A.
Risk Factors
Risk Factors 21 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 22
Signatures
Part III. Signatures 23 i PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ALPHA STAR ACQUISITION CORPORATION BALANCE SHEETS (Unaudited) March 31, December 31, 2024 2023 Assets Current assets: Prepaid expense $ 66,375 $ 12,500 Total current assets 66,375 12,500 Noncurrent assets: Marketable securities held in trust account 65,650,502 101,590,662 Total noncurrent assets 65,650,502 101,590,662 Total assets $ 65,716,877 $ 101,603,162 Liabilities and stockholders' deficit Current liabilities: Accrued expenses $ 323,728 $ 220,401 Promissory note – Sponsor 6,035,961 5,755,961 Due to related parties 402,141 212,660 Total current liabilities 6,761,830 6,189,022 Noncurrent liabilities: Deferred underwriting commissions 2,875,000 2,875,000 Total noncurrent liabilities 2,875,000 2,875,000 Total liabilities 9,636,830 9,064,022 Commitment and contingencies (Note 6) - - Ordinary shares subject to possible redemption, 5,743,580 and 9,063,503 shares at redemption value of $ 11.42 and $ 11.21 per share at March 31, 2024 and December 31, 2023, respectively 65,595,501 101,605,662 Stockholders' deficit: Ordinary shares, par value $ 0.001 , authorized 50,000,000 shares; 3,205,000 and 3,205,000 shares issued and outstanding at March 31 2024 and December 31, 2023, respectively, excluding 5,743,580 and 9,063,503 shares subject to possible redemption 3,205 3,205 Additional paid-in capital - - Accumulated deficit ( 9,518,659 ) ( 9,069,727 ) Total stockholders' deficit ( 9,515,454 ) ( 9,066,522 ) Total liabilities and stockholders' deficit $ 65,716,877 $ 101,603,162 The accompanying notes are an integral part of the unaudited financial statements. 1 ALPHA STAR ACQUISITION CORPORATION OF OPERATIONS (Unaudited) For the Three Months Ended March 31, 2024 For the Three Months Ended March 31, 2023 Formation and operational costs $ 238,932 $ 121,309 Los