Metal Sky Star Acquisition Corp Files 10-Q/A

TL;DR

**Metal Sky Star Acquisition Corp filed an amended 10-Q for Q2 2022, updating financial data.**

AI Summary

Metal Sky Star Acquisition Corp filed an amended 10-Q for the period ending June 30, 2022. The filing, dated July 29, 2024, provides updated financial information for the company, which is a blank check company focused on real estate and construction. The company's business address is located at 132 West 31st Street, 9th Floor, New York, NY 10001.

Why It Matters

This amended filing provides updated financial disclosures for Metal Sky Star Acquisition Corp, which is relevant for investors and stakeholders tracking the company's financial health and regulatory compliance.

Risk Assessment

Risk Level: low — This filing is an amendment to a previous report and primarily contains updated financial information without significant new disclosures that would alter the risk profile.

Key Numbers

• 20220630 — Reporting Period End Date (The amended 10-Q covers financial data up to this date.)
• 20240729 — Filing Date (The date the amended 10-Q was filed with the SEC.)

Key Players & Entities

• Metal Sky Star Acquisition Corp (company) — Filer of the 10-Q/A
• 132 West 31st Street, 9th Floor, New York, NY 10001 (location) — Business and mailing address
• 0001493152-24-029329 (filing_id) — Accession number for the filing

FAQ

Key Financial Figures

• $0.001 — each consisting of one Ordinary Share, $0.001 par value, one redeemable warrant, and
• $11.50 — Ordinary Share at an exercise price of $11.50 per share MSSAW The Nasdaq Stock Ma
• $0 — ry shares, respectively, with par value $0.001, issued and outstanding. EXPLANAT
• $115,160,910 — n an overstatement of current assets by $115,160,910, an understatement of non-current asset
• $2,875,000 — overstatement of current liabilities by $2,875,000, and an understatement of non-current l

Filing Documents

• form10-qa.htm (10-Q/A) — 563KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001493152-24-029329.txt ( ) — 3382KB
• mssa-20220630.xsd (EX-101.SCH) — 30KB
• mssa-20220630_cal.xml (EX-101.CAL) — 30KB
• mssa-20220630_def.xml (EX-101.DEF) — 149KB
• mssa-20220630_lab.xml (EX-101.LAB) — 230KB
• mssa-20220630_pre.xml (EX-101.PRE) — 191KB
• form10-qa_htm.xml (XML) — 415KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15

Quantitative and Qualitative Disclosures Regarding Market Risk

Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk 18

Controls and Procedures (As Restated)

Item 4. Controls and Procedures (As Restated) 18

Other Information

Part II. Other Information 19

Legal Proceedings

Item 1. Legal Proceedings 19 Item 1A. Risk Factors (As Restated) 19

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 21

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 21

Other Information

Item 5. Other Information 21

Exhibits (As Restated)

Item 6. Exhibits (As Restated) 22

Signatures

Part III. Signatures 23 i METAL SKY STAR ACQUISITION CORPORATION BALANCE SHEETS (Unaudited) June 30, 2022 (As Restated) December 31, 2021 ASSETS Current assets: Cash in escrow $ 244,634 $ 95,978 Prepaid insurance 113,425 - Deferred offering cost - 236,522 Total current assets 358,059 332,500 Noncurrent assets: Marketable securities held in trust account 115,160,910 - Total noncurrent assets 115,160,910 - TOTAL ASSETS $ 115,518,969 $ 332,500 LIABILITIES AND SHAREHOLDER'S (DEFICIT) EQUITY Current liabilities: Accrued expenses $ 59,815 $ 800 Accrued offering costs - 31,550 Promissory note- related party - 300,000 Total current liabilities 59,815 332,350 Noncurrent liabilities: Deferred underwriting commissions 2,875,000 - Total noncurrent liabilities: 2,875,000 - Total liabilities 2,934,815 332,350 Commitments and contingencies (Note 6) - - Ordinary shares subject to possible redemption, 11,500,000 shares at redemption value of $ 10.01 per share 115,160,910 - Shareholder's (Deficit) Equity: Ordinary shares, $ 0.001 par value; 50,000,000 shares authorized; 3,205,000 and 2,875,000 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively, excluding 11,500,000 shares subject to possible redemption at June 30, 2022. 3,205 2,875 Additional paid-in capital - 22,125 Accumulated deficit ( 2,579,961 ) ( 24,850 ) Total Shareholder's (Deficit) Equity ( 2,576,756 ) 150 TOTAL LIABILITIES AND SHAREHOLDER'S (DEFICIT) EQUITY $ 115,518,969 $ 332,500 The accompanying notes are an integral part of the unaudited financial statements. 1 METAL SKY STAR ACQUISITION CORPORATION OF OPERATIONS (Unaudited) For the three months ended June 30, 2022 For the six months ended June 30, 2022 For the period ended from May 5, 2021 (inception) to June 30, 2021 Formation and operational costs $ 168,615 $ 172,165 $ 11,750 Loss from oper

NOTES TO FINANCIAL STATEMENTS (AS RESTATED)

NOTES TO FINANCIAL STATEMENTS (AS RESTATED) NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (AS RESTATED) Metal Sky Star Acquisition Corporation (the "Company") is a blank check company incorporated in the Cayman Islands on May 5, 2021. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses ("Business Combination"). The Company's efforts in identifying prospective target businesses will not be limited to a particular geographic region. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. The Company's sponsor is M-Star Management Corporation, a British Virgin Islands incorporated company (the "Sponsor"). At June 30, 2022, the Company had not yet commenced any operations. All activity through June 30, 2022 relates to the Company's formation and the proposed initial public offering ("IPO"). The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the IPO. The Company has selected December 31 as its fiscal year-end. The Company will have 9 months from the closing of the IPO (or up to 21 months from the closing of our initial public offering if we extend the period of time to consummate a business combination) to consummate a Business Combination (the "Combination Period"). If the Company fails to consummate a Business Combination within the Combination Period, it will trigger its automatic winding up, liquidation and subsequent dissolution pursuant to the terms of the Company's amended and restated memorandum and articles of association. As a result, this has the same effect as if the Company had formally gone through a volun

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