Global Star Acquisition Submits Appeal to Nasdaq Following Delisting Determination

Global Star Acquisition Inc. (NASDAQ: GLST) recently disclosed receiving a delist determination letter from Nasdaq on January 31, 2025. The communication indicated Nasdaq’s decision that the company did not meet specified extension terms. Responding promptly, on February 7, 2025, Global Star Acquisition submitted an appeal to Nasdaq, requesting a hearing before the Hearings Panel as outlined in the 5800 Series of the Rules.

During the upcoming hearing with the Panel, the company intends to present a comprehensive plan to regain and subsequently sustain compliance with all applicable listing prerequisites. This appeal placed with Nasdaq suspends the company’s securities and the processing of the Form 25-NSE, pending the Panel’s resolution. In alignment with this request, Global Star Acquisition made a payment of $20,000.00 to Nasdaq. While the company commits to exerting all reasonable efforts to adhere to the rule, there remains uncertainty surrounding the successful reinstatement of compliance or adherence to additional Nasdaq listing criteria.

The forward-looking statements, as included in their recent Form 8-K filing, offer insights into the company’s strategic intentions. As per the statements, Global Star Acquisition conveys its determination to enhance compliance with Nasdaq Listing Rule, publicly monitor its shares, and employ practical measures for sustained listing on The Nasdaq Global Market. Additionally, the company expresses optimism in overturning any delisting determinations accurately.

Cautionary remarks contained within the filing highlight the inherent uncertainties linked with forward-looking statements. Global Star Acquisition acknowledges the risks and unpredictabilities that could potentially affect the realization of future results. The company recommends considering the mentioned risk factors in their Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on March 15, 2024, along with subsequent updates enclosed in their SEC filings.

While Global Star Acquisition maintains a belief in the reasonableness of expectations set in its forward-looking statements, the company refrains from guaranteeing future outcomes. As per legal obligations, the company does not commit to revising or updating any forward-looking declarations included in the recent Form 8-K beyond what is legally mandated.

The Chief Executive Officer signed off on this disclosure on behalf of Global Star Acquisition Inc. on February 14, 2025.

This news piece about Global Star Acquisition Inc.’s Nasdaq appeal was derived from the company’s recently submitted 8-K filing with the Securities and Exchange Commission.

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.