Global Star Acquisition Faces Potential Delisting as Nasdaq Questions Publicly Held Shares

On November 25, 2024, Global Star Acquisition Inc. (NASDAQ: GLST) received communication from the listing qualifications department staff at The Nasdaq Stock Market, highlighting a non-compliance issue with Nasdaq’s Listing Rule 5450(b)(2)(B). The concern raised was due to the company’s failure to maintain a minimum of 1,100,000 publicly held shares as of November 18, 2024, a requirement under Nasdaq’s continued listing standards for The Nasdaq Global Market.

As per Nasdaq Listing Rules, Global Star Acquisition now has a 45-day window, expiring on January 9, 2025, to present a plan to regain compliance with Rule 5450(b)(2)(B). If the submitted plan is accepted, the company might be granted an extension of up to 180 calendar days from November 25, 2024, or until May 24, 2025, to rectify the non-compliance issue.

The company anticipates that this deficiency will be resolved following the consummation of its proposed business combination with K Enter Holdings Inc., as previously disclosed in its Current Report on Form 8-K filed with the Securities and Exchange Commission on June 22, 2023. Global Star Acquisition intends to submit a compliance plan to Nasdaq before January 9, 2025, seeking an extension of the compliance period from 45 calendar days to 180 calendar days. However, if the plan is not accepted by the Staff, the company has the option to appeal such a decision to a Hearings Panel, though success cannot be guaranteed.

In a cautionary statement regarding forward-looking statements included in the discussed Current Report on Form 8-K, Global Star Acquisition emphasized that certain expressions and projections in the document remain forecasts and may be subject to risks and uncertainties. The company is diligently focusing on regaining Nasdaq compliance and maintaining its listing on The Nasdaq Global Market.

Any forward-looking statements made in this report should be considered in sync with the risks outlined in the company’s filings with the Securities and Exchange Commission, primarily in the “Risk Factors” section of its Annual Report on Form 10-K dated March 15, 2024. Global Star Acquisition, while striving for compliance, does not undertake an obligation to revise or update any forward-looking statements unless required by law.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Global Star Acquisition’s 8K filing here.

Global Star Acquisition Company Profile

Global Star Acquisition, Inc does not have significant operations. It focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company was incorporated in 2019 and is based in McLean, Virginia.