UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 3.01. | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
As previously disclosed in the Notification of Late Filing on Form 12b-25 filed on May 15, 2023 and Amendment No. 1 filed on May 23, 2023 by Global Star Acquisition Inc. (the “Company”) with the Securities Exchange Commission, the Company had determined that it required additional time to complete its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the “Q1 2023 Form 10-Q”) and expected to receive a notice from the Listing Qualifications Department of The NASDAQ Stock Market LLC (“NASDAQ”) that the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1). The Company received such notice (the “Compliance Letter”) on May 23, 2023, which has no immediate effect on the listing or trading of the Company’s securities on the NASDAQ Capital Market. As previously reported on Form 8-K filed with the SEC on April 19, 2023, the Company received a notice (the “Initial Compliance Letter”) on April 19, 2023, with respect to the late filing of the Annual Report on Form 10-K which has no immediate effect on the listing or trading of the Company’s securities on the NASDAQ Capital Market. Pursuant to the Compliance Letter, by June 20, 2023 (60 calendar days from the date of the Initial Compliance Letter) the Company is required to submit a plan to regain compliance with NASDAQ’s filing requirements for continued listing, upon the acceptance of which NASDAQ may grant an extension of up to 180 days from the due date of the Annual Report on Form 10-K for the year ended December 31, 2022, or until October 16, 2023, for the Company to regain compliance with NASDAQ’s filing requirements for continued listing.
The Company filed its Annual Report on Form 10-K on May 25, 2023. The Company anticipates that it will file the Q1 2023 Form 10-Q prior to June 20, 2023, eliminating the applicability of the submission of a formal plan to regain compliance.
Item 8.01. | Other Events. |
A press release disclosing the Company’s receipt of the Compliance Letter is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. | Financial Statements and Exhibits. |
Exhibit |
Description | |
99.1 | Press Release Dated May 26, 2023 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Global Star Acquisition Inc. | ||||||
Date: May 26, 2023 | By: | /s/ Anthony Ang | ||||
Anthony Ang | ||||||
Chief Executive Officer |
Exhibit 99.1
Global Star Acquisition Inc. Discloses Receipt of NASDAQ Continued Listing Standard Notice and Announces Filing of its Annual Report on Form 10-K
MCLEAN, VA May 26, 2023 On May 26, 2023, Global Star Acquisition Inc. (the Company) announced that it received a deficiency letter on May 23, 2023 (the Compliance Letter) from the Listing Qualifications Department of The NASDAQ Stock Market LLC (NASDAQ) indicating that, as a result of having not timely filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the Q1 2023 Form 10-Q) and its Annual Report on Form 10-K for the year ended December 31, 2022 (the 2022 Form 10-K) with the Securities and Exchange Commission (the SEC), the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1) (the Listing Rule), which requires timely filing of all required periodic financial reports with the SEC.
As previously disclosed in the Notification of Late Filing on Form 12b-25 filed on May 15, 2023 and Amendment No. 1 filed on May 23, 2023, the Company expected to receive the Compliance Letter because it had not timely filed the Q1 2023 Form 10-Q with the SEC and the Company had determined that it required additional time. The Compliance Letter has no immediate effect on the listing or trading of the Companys securities on the NASDAQ Capital Market. Pursuant to the Compliance Letter, the Company has until June 20, 2023 to submit a plan to NASDAQ showing how it intends to regain compliance.
The Company filed its Annual Report on Form 10-K on May 25, 2023. The Company anticipates that it will file the Q1 2023 Form 10-Q as soon as possible, and in any case before June 20, 2023, and thereafter, believes the Company will be in compliance with all of the NASDAQ continued listing requirements.
About Global Star Acquisition Inc.
The Company (NASDAQ: GLSTU) is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. It has not selected any specific business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on financial technology (Fintech) and property technology (Proptech) businesses that offer technology solutions, software, services or products to the financial services or real estate industries. The Company intends to initially prioritize the Nordic region and Asia Pacific, especially Southeast Asia as its geographical focus. The Company is led by Anthony Ang, the Companys Chairman and Chief Executive Officer, Nicholas Khoo, the Companys Chief Operating Officer, and Shan Cui, the Companys Chief Financial Officer.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact included herein are forward-looking statements. These forward-looking statements are often identified by the use of forward-looking terminology such as believes, expects, or similar expressions, involve known and unknown risks and uncertainties, and include the statement regarding the completion of the business combination within a certain period of time, if ever. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Companys actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to obtain necessary regulatory approvals and other risks and uncertainties disclosed under the sections entitled Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations in our Registration Statement filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Contact
Global Star Acquisition Inc.
1641 International Drive, Unit 208
Mclean, VA 22102
Anthony Ang
Chairman and Chief Executive Officer
anthonyang@gcic.com.sg
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