NEWS
Alpha Star Acquisition Corporation Enters into Definitive Business Combination Agreement with XDATA
New York, NY, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Alpha Star Acquisition Corporation (NASDAQ:ALSA) ("Alpha Star" or "ALSA"), a special purpose acquisition company, today announced the execution of a business combination agreement on September 12, 2024 (the "Business Combination Agreement"), pursuant to which Alpha Star will undergo a business combination with OU XDATA GROUP ("XDATA"), an Estonia-based financial technology solutions company. The transaction has been approved by the boards of directors of Alpha Star and XDATA and is expected to be consummated in late 2024. The closing of the transaction is subject to regulatory approval, approval by the shareholders of Alpha Star and XDATA and the satisfaction of certain other customary closing conditions.
Transaction Details
The Business Combination Agreement provides for (i) SPAC will incorporate a Cayman Islands exempted company ("PubCo") in accordance with the Companies Act (Revised) of the Cayman Islands, (ii) the merger of Alpha Star with and into PubCo (the "Reincorporation Merger"), with PubCo surviving the Reincorporation Merger, and (iii) the share exchange between PubCo and the shareholders of XDATA (the "Share Exchange", together with Reincorporation Merger, the "Proposed Transaction"), resulting in XDATA being a wholly owned subsidiary of PubCo. Following the closing of the Proposed Transaction, XDATA will operate through PubCo, and PubCo will be a publicly traded company listed on the Nasdaq Stock Market.
Transaction Details
The Business Combination Agreement provides for (i) SPAC will incorporate a Cayman Islands exempted company ("PubCo") in accordance with the Companies Act (Revised) of the Cayman Islands, (ii) the merger of Alpha Star with and into PubCo (the "Reincorporation Merger"), with PubCo surviving the Reincorporation Merger, and (iii) the share exchange between PubCo and the shareholders of XDATA (the "Share Exchange", together with Reincorporation Merger, the "Proposed Transaction"), resulting in XDATA being a wholly owned subsidiary of PubCo. Following the closing of the Proposed Transaction, XDATA will operate through PubCo, and PubCo will be a publicly traded company listed on the Nasdaq Stock Market.
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