Metal Sky Star Acquisition Corp Files 10-Q

TL;DR

Metal Sky Star Acquisition Corp (MSSA) filed its Q1 2024 10-Q. SPAC life continues.

AI Summary

Metal Sky Star Acquisition Corp filed a 10-Q for the period ending March 31, 2024. The company, previously known as Metal Sky Acquisition Corp, is a blank check company focused on real estate and construction. Their business address is located at 132 West 31st Street, 9th Floor, New York, NY 10001.

Why It Matters

This filing provides an update on the financial status and operations of Metal Sky Star Acquisition Corp, a special purpose acquisition company (SPAC).

Risk Assessment

Risk Level: medium — As a SPAC, the company's primary risk is its ability to identify and complete a business combination within its specified timeframe.

Key Numbers

• 20240331 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240918 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Metal Sky Star Acquisition Corp (company) — Filer
• Metal Sky Acquisition Corp (company) — Former company name
• 132 West 31st Street, 9th Floor, New York, NY 10001 (location) — Business and mail address
• 001-41344 (company) — SEC File Number

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

Filing Documents

• form10-q.htm (10-Q) — 531KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001493152-24-036959.txt ( ) — 3431KB
• mssa-20240331.xsd (EX-101.SCH) — 29KB
• mssa-20240331_cal.xml (EX-101.CAL) — 30KB
• mssa-20240331_def.xml (EX-101.DEF) — 156KB
• mssa-20240331_lab.xml (EX-101.LAB) — 231KB
• mssa-20240331_pre.xml (EX-101.PRE) — 194KB
• form10-q_htm.xml (XML) — 421KB

Financial Information

Part I. Financial Information 1

Financial Statements

Item 1. Financial Statements 1 Balance Sheets (Unaudited) 1 2 3 4 Notes to Unaudited Financial Statements 5

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 17

Quantitative and Qualitative Disclosures Regarding Market Risk

Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk 22

Controls and Procedures

Item 4. Controls and Procedures 22

Other Information

Part II. Other Information 22

Legal Proceedings

Item 1. Legal Proceedings 22

Risk Factors

Item 1A. Risk Factors 22

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 24

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 24

Other Information

Item 5. Other Information 24

Exhibits

Item 6. Exhibits 24

Signatures

Part III. Signatures 25 i Part I. Financial Information Item 1. Financial Statements METAL SKY STAR ACQUISITION CORPORATION BALANCE SHEETS March 31, December 31, 2024 2023 (Unaudited) ASSETS Current Assets: Prepaid expense $ 600 $ 1,875 Total Current Assets 600 1,875 Non-current Assets Marketable securities held in trust account 36,067,927 35,359,088 Total Non-current Assets 36,067,927 35,359,088 TOTAL ASSETS $ 36,068,527 $ 35,360,963 LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT Current Liabilities: Accrued expenses $ 404,824 $ 298,280 Due to Sponsor 429,834 375,834 Promissory note - Sponsor 2,422,403 2,172,403 Total Current Liabilities 3,257,061 2,846,517 Non-current Liabilities: Deferred underwriting commissions 2,875,000 2,875,000 Total Non-current Liabilities 2,875,000 2,875,000 TOTAL LIABILITIES 6,132,061 5,721,517 Commitments and contingencies (Note 6) - - Ordinary shares subject to possible redemption, 3,202,416 and 11,500,000 shares at redemption value at March 31, 2024 and December 31, 2023, respectively 36,017,927 35,409,088 Shareholders' Deficit: Ordinary shares, $ 0.001 par value; 50,000,000 shares authorized; 3,205,000 and 3,205,000 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively, excluding 3,202,416 and 11,500,000 shares subject to possible redemption at March 31, 2024 and December 31, 2023, respectively 3,205 3,205 Accumulated deficit ( 6,084,666 ) ( 5,772,847 ) Total Shareholders' Deficit ( 6,081,461 ) ( 5,769,642 ) TOTAL LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT $ 36,068,527 $ 35,360,963 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 March 31, 2024 For the Three Months Ended March 31, 2023 Formation and op

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View this 10-Q filing on SEC EDGAR