Global Star Acquisition Inc. Announces Receipt of NASDAQ Continued Listing Standard Notice
November 23 2022 - 3:05PM
via NewMediaWire --
Global Star Acquisition Inc.
(NASDAQ: GLSTU) (the “
Company”) today announced that
it received a deficiency letter (the “
Notice”) on November
22, 2022 from the Listing Qualifications Department of The NASDAQ
Stock Market LLC (“
Nasdaq”) stating that the Company is not
in compliance with Nasdaq Listing Rule 5250(c)(1) (the “
Listing
Rule”) because it had not timely filed its Third Quarter
Financials on Form 10-Q for the period ended September 30, 2022
(the “
Form 10-Q”) with the SEC.
As previously disclosed in the Form 12b-25 and Form
12b-25/A, filed on November 11, 2022, and November 22, 2022,
respectively by the Company with the Securities Exchange Commission
(the “SEC”), the Company had determined that it was unable,
without unreasonable effort or expense, to file its Form 10-Q, by
the required due date of November 14, 2022 and November 21, 2022,
respectively. The Company also announced that it expected to
receive a letter from the Listing Qualifications Department of
Nasdaq stating that the Company is not in compliance with the
listing rule because it had not timely filed the Form 10-Q with the
SEC. The Listing Rule requires listed companies to timely file all
required periodic financial reports with the SEC.
In connection with the foregoing, on November
22, 2022, the Company received such letter from NASDAQ.
The Company intends to file the Form 10-Q
and regain compliance prior to January 23, 2023.
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
Company’s Chairman and Chief Executive Officer, Nicholas Khoo, the
Company’s Chief Operating Officer, and Shan Cui, the Company’s
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 Company's
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
"Management's 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
Officeranthonyang@gcic.com.sg
Global Star Acquisition (NASDAQ:GLSTU)
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