UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE
14A
(Rule
14a-101)
Proxy
Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
Filed
by the Registrant ☒
Filed
by a Party other than the Registrant ☐
Check
the appropriate box:
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Preliminary
Proxy Statement |
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Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
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Definitive
Proxy Statement |
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Definitive
Additional Materials |
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Soliciting
Material Under Rule 14a-12 |
Alpha
Star Acquisition Corporation
(Name
of Registrant as Specified in Its Charter)
(Name
of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment
of Filing Fee (Check the appropriate box):
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No
fee required. |
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Fee
paid previously with preliminary materials. |
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Fee
computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
ALPHA
STAR ACQUISITION CORPORATION
100 Church Street, 8th Floor
New York, NY 10004
(332)
233-4356
NOTICE
OF EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS
TO
BE HELD ON DECEMBER 27, 2024
TO
THE SHAREHOLDERS OF ALPHA STAR ACQUISITION CORPORATION:
You
are cordially invited to attend the Extraordinary General Meeting of shareholders (the “Extraordinary General Meeting”)
of Alpha Star Acquisition Corporation (“Alpha Star,” “Company,” “we,” “us”
or “our”). The Extraordinary General Meeting will be held:
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At: |
offices
of Han Kun LLP, located at 620 Fifth Avenue, 2nd Floor, Rockefeller Center, New York, NY10020 |
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On: |
December
27, 2024 |
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Time: |
9:00 a.m. local time |
As
an extraordinary general meeting of the Company’s shareholders, the Extraordinary General Meeting is being held for the purpose
of considering and voting upon the following proposals:
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1. |
a
proposal of ordinary resolution to amend the Company’s investment management trust agreement (the “Trust Agreement”),
dated December 9, 2021, entered into by the Company and Wilmington Trust, N.A., as trustee (the “trustee”), as
amended, to provide the Company with the discretion to extend the date on which to commence liquidating the trust account (the “Trust
Account”) established in connection with the Company’s initial public offering (the “IPO”) up
to six (6) additional times, each by a period of one month (the “Extension”), from December 15, 2024 to June 15,
2025 by depositing into the Trust Account $35,000 (the “Extension Payment”) for each one-month extension. The
Trust Amendment is attached to the accompanying proxy statement as Annex A (the “Proposal 1” or “Trust
Amendment Proposal”); |
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2. |
a
proposal of special resolution to amend the Company’s existing amended and restated memorandum and articles of association
(the “Amended and Restated Memorandum and Articles of Association”) to extend the date by which the Company must
consummate a business combination to June 15, 2025 (the “Extended Date”), by amending the Amended and Restated
Memorandum and Articles of Association to delete the existing Section 36.2 thereof and replacing it with the new Section 36.2 in
the form set forth in Annex B of the accompanying proxy statement (the “Proposal 2” or “Charter Amendment
Proposal”); and |
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3. |
a
proposal of ordinary resolution to direct the chairman of the Extraordinary General Meeting to adjourn the Extraordinary General
Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote
at the time of the Extraordinary General Meeting, there are not sufficient votes to approve any of the foregoing proposals (the “Proposal
3” or “Adjournment Proposal”). |
Each
of the Trust Amendment Proposal, the Charter Amendment Proposal and the Adjournment Proposal will be more fully described in the accompanying
proxy statement.
Currently,
according to our Amended and Restated Memorandum and Articles of Association and the Trust Agreement, as amended, the Company may, but
is not obligated to, extend the period of time to consummate a business combination (the “Combination Period”) up
to five times by an additional one month each time, for a total of up to five additional months from July 15, 2024 to December 15,
2024 to complete a business combination, provided that our sponsor, A-Star Management Corporation (the “Sponsor”),
or its designee must deposit into the Trust Account $35,000 for each one-month extension. The purpose of the Trust Amendment
Proposal and the Charter Amendment Proposal is to allow Alpha Star to extend the period of time to consummate a business combination.
Holders
(“public shareholders”) of Alpha Star’s ordinary shares (“Public Shares”) sold in its initial
public offering may elect to redeem their Public Shares for their pro rata portion of the funds available in the trust account in connection
with the Trust Amendment Proposal and the Charter Amendment Proposal (the “Redemption Election”) regardless of how
such public shareholders vote in regard to those amendments, or whether they were holders of Alpha Star’s Public Shares on the
record date or acquired such shares after such date. This right of redemption is provided for and is required by Alpha Star’s Amended
and Restated Memorandum and Articles of Association and Alpha Star also believes that such redemption right protects Alpha Star’s
public shareholders from having to sustain their investments for an unreasonably long period if Alpha Star fails to find a suitable acquisition
in the timeframe initially contemplated by its Amended and Restated Memorandum and Articles of Association. If the Trust Amendment Proposal
and the Charter Amendment Proposal are approved by the requisite vote of shareholders (and not abandoned), the remaining holders of Public
Shares will retain their right to redeem their Public Shares for their pro rata portion of the funds available in the trust account upon
consummation of a business combination.
To
exercise your redemption rights, you must tender your shares to the Company’s transfer agent at least two (2) business days prior
to the Extraordinary General Meeting. You may tender your shares by either delivering your share certificates to the transfer agent or
by delivering your shares electronically using The Depository Trust Company’s DWAC (Deposit/Withdrawal At Custodian) system. If
you hold your shares in street name, you will need to instruct your bank, broker or other nominee to withdraw the shares from your account
in order to exercise your redemption rights.
As
of December 5, 2024, there was approximately $11,040,871.70 in the trust account, representing a per share pro rata amount of
approximately $12.22. The closing price of Alpha Star’s shares on December 5, 2024 was $11.93. Alpha Star cannot assure
shareholders that they will be able to sell their shares of Alpha Star in the open market, as there may not be sufficient liquidity in
its securities when shareholders wish to sell their shares.
If
the Trust Amendment Proposal and the Charter Amendment Proposal are not approved and we do not consummate a business combination by December
15, 2024 (assuming full extension) in accordance with our Amended and Restated Memorandum and Articles of Association, we will cease
all operations except for the purpose of winding up and as promptly as reasonably possible but not more than ten (10) business days thereafter,
redeem 100% of the outstanding Public Shares with the aggregate amount then on deposit in the trust account.
If
the Trust Amendment Proposal and the Charter Amendment Proposal are not approved, we retain the right to extend the Combination Period
by five times for an additional one month each time from July 15, 2024, to December 15, 2024, by depositing into the Trust Account $35,000
for each one-month extension.
The
affirmative vote of a majority of the Company’s ordinary shares entitled to vote which are present (in person or by proxy) at the
Extraordinary General Meeting and which vote on the Trust Amendment Proposal and the Adjournment Proposal will be required to approve
such proposals. The affirmative vote of the holders of at least two-thirds (2/3) of the Company’s ordinary shares entitled to vote
which are present (in person or by proxy) at the Extraordinary General Meeting and which vote on the Charter Amendment Proposal will
be required to approve the Charter Amendment Proposal.
Our
Board has fixed the close of business on December 11, 2024 (the “Record Date”) as the record date for determining
Alpha Star shareholders entitled to receive notice of and vote at the Extraordinary General Meeting and any adjournment thereof. Only
holders of record of Alpha Star’s ordinary shares on that date are entitled to notice of and to vote at the Extraordinary General
Meeting or any adjournments thereof.
After
careful consideration of all relevant factors, our Board has determined that the Trust Amendment Proposal, the Charter Amendment Proposal
and the Adjournment Proposal are fair to and in the best interests of Alpha Star and its shareholders, has declared them advisable and
recommends that you vote or give instruction to vote “FOR” all the foregoing proposals.
Enclosed
is the proxy statement containing detailed information concerning the proposals and Extraordinary General Meeting. Whether or not you
plan to attend the Extraordinary General Meeting, we urge you to read this material carefully and vote your shares.
We
look forward to seeing you at the Extraordinary General Meeting.
Dated:
December 16, 2024
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By
Order of the Board of Directors |
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/s/
Zhe Zhang |
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Zhe
Zhang |
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Chief
Executive Officer |
Your
vote is important. Please sign, date and return your proxy card as soon as possible to make sure that your shares are represented at
the Extraordinary General Meeting. If you are a shareholder of record, you may also cast your vote in person at the Extraordinary General
Meeting. If your shares are held in an account at a brokerage firm or bank, you must instruct your broker or bank how to vote your shares,
or you may cast your vote online at the Extraordinary General Meeting by obtaining a proxy from your brokerage firm or bank.
Important
Notice Regarding the Availability of Proxy Materials for the Extraordinary General Meeting of Shareholders to be held on December
27, 2024: This Notice of Extraordinary General Meeting and the accompanying proxy statement are available at the website of U.S.
Securities and Exchange Commission at www.sec.gov.
ALPHA
STAR ACQUISITION CORPORATION
100 Church Street, 8th Floor
New York, NY 10004
EXTRAORDINARY
GENERAL MEETING OF SHAREHOLDERS
TO
BE HELD ON DECEMBER 27, 2024
PROXY
STATEMENT
The Extraordinary General Meeting (the “Extraordinary General Meeting”) of shareholders of Alpha Star Acquisition
Corporation (“Alpha Star,” “Company,” “we,” “us” or “our”),
a Cayman Islands exempted company, will be held:
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At: |
offices
of Han Kun LLP, located at 620 Fifth Avenue, 2nd Floor, Rockefeller Center, New York, NY10020 |
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On: |
December
27, 2024 |
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Time: |
9:00
a.m. local time |
The
Extraordinary General Meeting is being held for the sole purpose of considering and voting upon the following proposals:
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1. |
a
proposal of ordinary resolution to amend the Company’s investment management trust agreement (the “Trust Agreement”),
dated December 9, 2021, entered into by the Company and Wilmington Trust, N.A., as trustee (the “trustee”), as
amended, to provide the Company with the discretion to extend the date on which to commence liquidating the trust account (the “Trust
Account”) established in connection with the Company’s initial public offering (the “IPO”) up
to six (6) additional times, each by a period of one month (the “Extension”), from December 15, 2024 to June 15,
2025 by depositing into the Trust Account $35,000 (the “Extension Payment”) for each one-month extension. The
Trust Amendment is attached to the accompanying proxy statement as Annex A (the “Proposal 1” or “Trust
Amendment Proposal”); |
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2. |
a
proposal of special resolution to amend the Company’s existing amended and restated memorandum and articles of association
(the “Amended and Restated Memorandum and Articles of Association”) to extend the date by which the Company must
consummate a business combination to June 15, 2025 (the “Extended Date”), by amending the Amended and Restated
Memorandum and Articles of Association to delete the existing Section 36.2 thereof and replacing it with the new Section 36.2 in
the form set forth in Annex B of the accompanying proxy statement (the “Proposal 2” or “Charter Amendment
Proposal”); and |
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3. |
a
proposal of ordinary resolution to direct the chairman of the Extraordinary General Meeting to adjourn the Extraordinary General
Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote
at the time of the Extraordinary General Meeting, there are not sufficient votes to approve any of the foregoing proposals (the “Proposal
3” or “Adjournment Proposal”). |
Currently,
according to our Amended and Restated Memorandum and Articles of Association and the Trust Agreement, as amended, the Company may, but
is not obligated to, extend the period of time to consummate a business combination (the “Combination Period”) five
times by an additional one month each time, for a total of up to five additional months from July 15, 2024 to until December 15, 2024
to complete a business combination, provided that the Sponsor or its designee must deposit into the Trust Account $35,000 for each
one-month extension. The purpose of the Trust Amendment Proposal and the Charter Amendment Proposal is to allow Alpha Star to extend
the period of time to consummate a business combination.
The
affirmative vote of a majority of the Company’s ordinary shares entitled to vote which are present (in person or by proxy) at the
Extraordinary General Meeting and which vote on the Trust Amendment Proposal and the Adjournment Proposal will be required to approve
such proposals. The affirmative vote of the holders of at least two-thirds (2/3) of the Company’s ordinary shares entitled to vote
which are present (in person or by proxy) at the Extraordinary General Meeting and which vote on the Charter Amendment Proposal will
be required to approve the Charter Amendment Proposal.
Holders
(“public shareholders”) of Alpha Star’s ordinary shares (“Public Shares”) sold in its initial
public offering may elect to redeem their Public Shares for their pro rata portion of the funds available in the trust account in connection
with the Trust Amendment Proposal and the Charter Amendment Proposal (the “Redemption Election”) regardless of how
such public shareholders vote in regard to those amendments, or whether they were holders of Alpha Star’s Public Shares on the
record date or acquired such shares after such date. This right of redemption is provided for and is required by Alpha Star’s Amended
and Restated Memorandum and Articles of Association and Alpha Star also believes that such redemption right protects Alpha Star’s
public shareholders from having to sustain their investments for an unreasonably long period if Alpha Star fails to find a suitable acquisition
in the timeframe initially contemplated by its Amended and Restated Memorandum and Articles of Association. If the Trust Amendment Proposal
and the Charter Amendment Proposal are approved by the requisite vote of shareholders (and not abandoned), the remaining holders of Public
Shares will retain their right to redeem their Public Shares for their pro rata portion of the funds available in the trust account upon
consummation of a business combination.
If
the Trust Amendment Proposal and the Charter Amendment Proposal are approved, such approvals will constitute consent for the Company
to (i) remove from the trust account an amount (the “Withdrawal Amount”) equal to the number of Public Shares properly
redeemed in connection with the shareholder vote on the Trust Amendment Proposal and the Charter Amendment Proposal multiplied by the
per-share price equal to the aggregate amount then on deposit in the trust account as of two (2) business days prior to the Extraordinary
General Meeting, including interest earned on the trust account deposits (which interest shall be net of taxes payable), divided by the
number of then outstanding Public Shares; and (ii) deliver to the holders of such redeemed Public Shares their portion of the Withdrawal
Amount. The remainder of such funds shall remain in the trust account and be available for use by the Company to complete a business
combination on or before June 15, 2025 (assuming full extension). Holders of Public Shares who do not redeem their Public Shares now
will retain their redemption rights and their ability to vote on a business combination through June 15, 2025 (assuming full extension).
To
exercise your redemption rights, you must tender your shares to the Company’s transfer agent at least two (2) business days prior
to the Extraordinary General Meeting. You may tender your shares by either delivering your share certificates to the transfer agent or
by delivering your shares electronically using The Depository Trust Company’s DWAC (Deposit/Withdrawal At Custodian) system. If
you hold your shares in street name, you will need to instruct your bank, broker or other nominee to withdraw the shares from your account
in order to exercise your redemption rights.
The
removal of the Withdrawal Amount from the trust account in connection with the Redemption Election will reduce the amount held in the
trust account following the redemption, and the amount remaining in the trust account may be significantly reduced from the approximately
$11,040,871.70 that was in the Trust Account as of December 5, 2024. In such event, Alpha Star may need to obtain additional funds
to complete a business combination and there can be no assurance that such funds will be available on terms acceptable to the parties
or at all.
If
the Trust Amendment Proposal and the Charter Amendment Proposal are not approved, we retain the right to extend the Combination Period
by five times for an additional one month each time from July 15, 2024, to December 15, 2024, by depositing into the Trust Account $35,000
for each one-month extension.
If
the Trust Amendment Proposal and the Charter Amendment Proposal are not approved and we do not consummate a business combination by December
15, 2024 (assuming full extension) in accordance with our Amended and Restated Memorandum and Articles of Association, we will distribute
the aggregate amount then on deposit in the Trust Account (less up to $ 100,000 of the net interest earned thereon to pay dissolution
expenses), pro rata to our public shareholders by way of redemption and cease all operations except for the purposes of winding up of
our affairs. Any redemption of public shareholders from the trust account shall be effected automatically by function of our Amended
and Restated Memorandum and Articles of Association prior to any voluntary winding up. If we are required to windup, liquidate the trust
account and distribute such amount therein, pro rata, to our public shareholders, as part of any liquidation process, such winding up,
liquidation and distribution must comply with the applicable provisions of the Companies Law of the Cayman Islands. In that case, investors
may be forced to wait beyond December 15, 2024 before the redemption proceeds of our Trust Account become available to them and they
receive the return of their pro rata portion of the proceeds from our Trust Account. We have no obligation to return funds to investors
prior to the date of our redemption or liquidation unless we consummate our initial business combination prior thereto and only then
in cases where investors have sought to redeem their ordinary shares. Only upon our redemption or any liquidation will public shareholders
be entitled to distributions if we are unable to complete our initial business combination.
Our
sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have waived their rights to liquidating
distributions from the trust account with respect to their founder shares and private placement shares if we fail to complete our initial
business combination prior to December 15, 2024 or June 15, 2025 if the Trust Amendment Proposal and the Charter Amendment Proposal are
approved (assuming full extension). There will be no redemption rights or liquidating distributions with respect to our rights and warrants,
which will expire worthless if we fail to complete our initial business combination prior to December 15, 2024 or June 15, 2025 if the
Trust Amendment Proposal and the Charter Amendment Proposal are approved (assuming full extension).
Redemption
Rights
If
the Trust Amendment Proposal and the Charter Amendment Proposal are approved, the Company will provide the public shareholders making
the Redemption Election, the opportunity to receive, at the time the Trust Amendment Proposal and the Charter Amendment Proposal become
effective, and in exchange for the surrender of their shares, a pro rata portion of the funds available in the trust account,
less any income taxes owed on such funds but not yet paid. Alpha Star has provided that all holders of Public Shares, whether they vote
for or against the Trust Amendment Proposal and the Charter Amendment Proposal, or whether they were holders of Alpha Star ordinary shares
on the record date or acquired such shares after such date, may elect to redeem their Public Shares into their pro rata portion of the
trust account and should receive the funds shortly after the Extraordinary General Meeting. You will also be able to redeem your Public
Shares in connection with any shareholder vote to approve a proposed business combination, or if the Company has not consummated a business
combination by December 15, 2024 or June 15, 2025 if the Trust Amendment Proposal and the Charter Amendment Proposal are approved.
TO
DEMAND REDEMPTION, YOU MUST ENSURE YOUR BANK OR BROKER COMPLIES WITH THE REQUIREMENTS IDENTIFIED ELSEWHERE HEREIN, INCLUDING DELIVERING
YOUR SHARES TO THE TRANSFER AGENT PRIOR TO THE VOTE ON THE TRUST AMENDMENT PROPOSAL AND THE CHARTER AMENDMENT PROPOSAL.
You
will only be entitled to receive cash in connection with a redemption of these shares if you continue to hold them until the effective
date of the Trust Amendment Proposal and the Charter Amendment Proposal.
In
connection with tendering your shares for redemption, you must elect either to physically tender your share certificates to Vstock Transfer
LLC, the Company’s transfer agent, at 18 Lafayette Place, Woodmere, New York 11598, at least two (2) business days prior to the
vote for the Trust Amendment Proposal and the Charter Amendment Proposal or to deliver your shares to the transfer agent electronically
using The Depository Trust Company’s DWAC (Deposit/Withdrawal At Custodian) System, which election would likely be determined based
on the manner in which you hold your shares. The requirement for physical or electronic delivery prior to the vote at the Extraordinary
General Meeting ensures that a redeeming holder’s election is irrevocable once the Trust Amendment Proposal and the Charter Amendment
Proposal are approved. In furtherance of such irrevocable election, shareholders making the Election will not be able to tender their
shares after the vote at the Extraordinary General Meeting.
Through
the DWAC system, this electronic delivery process can be accomplished by the shareholder, whether or not it is a record holder or its
shares are held in “street name,” by contacting the transfer agent or its broker and requesting delivery of its shares through
the DWAC system. Delivering shares physically may take significantly longer. In order to obtain a physical share certificate, a shareholder’s
broker and/or clearing broker, DTC, and the Company’s transfer agent will need to act together to facilitate this request. There
is a nominal cost associated with the above-referenced tendering process and the act of certificating the shares or delivering them through
the DWAC system. The transfer agent will typically charge the tendering broker $45 and the broker would determine whether or not to pass
this cost on to the redeeming holder. It is the Company’s understanding that shareholders should generally allot at least two (2)
weeks to obtain physical certificates from the transfer agent. The Company does not have any control over this process or over the brokers
or DTC, and it may take longer than two (2) weeks to obtain a physical share certificate. Such shareholders will have less time to make
their investment decision than those shareholders that deliver their shares through the DWAC system. Shareholders who request physical
share certificates and wish to redeem may be unable to meet the deadline for tendering their shares before exercising their redemption
rights and thus will be unable to redeem their shares.
Certificates
that have not been tendered in accordance with these procedures prior to the vote for the Trust Amendment Proposal and the Charter Amendment
Proposal will not be redeemed for a pro rata portion of the funds held in the trust account. In the event that a public shareholder tenders
such holder’s shares and decides prior to the vote at the Extraordinary General Meeting that it does not want to redeem its shares,
the shareholder may withdraw the tender. If you delivered your shares for redemption to our transfer agent and decide prior to the vote
at the Extraordinary General Meeting not to redeem your shares, you may request that our transfer agent return the shares (physically
or electronically). You may make such request by contacting our transfer agent at the address listed above. In the event that a public
shareholder tenders shares and the Trust Amendment Proposal and the Charter Amendment Proposal are not approved or are abandoned, these
shares will not be redeemed and the physical certificates representing these shares will be returned to the shareholder promptly following
the determination that the Trust Amendment Proposal and the Charter Amendment Proposal will not be approved or will be abandoned. The
Company anticipates that a public shareholder who tenders shares for redemption in connection with the vote to approve the Trust Amendment
Proposal and the Charter Amendment Proposal would receive payment of the redemption price for such shares soon after the completion of
the Trust Amendment Proposal and the Charter Amendment Proposal. The transfer agent will hold the certificates of public shareholders
that make the election until such shares are redeemed for cash or returned to such shareholders.
If
properly demanded, the Company will redeem each public share for a pro rata portion of the funds available in the trust account,
less any income taxes owed on such funds but not yet paid, calculated as of two (2) business days prior to the Extraordinary General
Meeting. The closing price of Alpha Star’s shares on the December 5, 2024 was $11.93.
If
you exercise your redemption rights, you will be exchanging your Public Shares for cash and will no longer own such shares. You will
be entitled to receive cash for such shares only if you properly demand redemption and tender your share certificate(s) to the Company’s
transfer agent at least two (2) business days prior to the Extraordinary General Meeting. If the Trust Amendment Proposal and the Charter
Amendment Proposal are not approved or if they are abandoned, such shares will be returned promptly following the Extraordinary General
Meeting as described above.
You
are also being asked to direct the chairman of the Extraordinary General Meeting to adjourn the Extraordinary General Meeting to a later
date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of the
Extraordinary General Meeting, there are not sufficient votes to approve the proposals.
The
Record Date for the Extraordinary General Meeting is December 11. Record holders of Alpha Star ordinary shares at the close of
business on the record date are entitled to vote or have their votes cast at the Extraordinary General Meeting. On the Record Date, there
were 4,107,999 outstanding ordinary shares of Alpha Star, including 902,999 outstanding Public Shares. Alpha Star’s rights and
warrants do not have voting rights.
This
proxy statement contains important information about the Extraordinary General Meeting and the proposals. Please read it carefully and
vote your shares.
This
proxy statement is dated December 16, 2024 and is first being mailed to shareholders on or about that date.
TABLE
OF CONTENTS
QUESTIONS
AND ANSWERS ABOUT THE MEETING
These
questions and answers are only summaries of the matters they discuss. They do not contain all of the information that may be important
to you. You should read carefully this entire proxy statement.
| Q.
Why am I receiving this proxy statement? |
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A. |
This
proxy statement and the accompanying materials are being sent to you in connection with the solicitation of proxies by the Board,
for use at the Extraordinary General Meeting to be held on December 27, 2024 at 9:00 a.m., local time, or at any
adjournments or postponements thereof, at offices of Han Kun LLP, located at 620 Fifth Avenue, 2nd Floor, Rockefeller Center, New
York, NY10020. This proxy statement summarizes the information that you need to make an informed decision on the proposals to be
considered at the Extraordinary General Meeting. |
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| Q.
What is being voted on? |
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A. |
You
are being asked to consider and vote on the following proposals: |
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a
proposal of ordinary resolution to amend the Company’s investment management trust agreement (the “Trust Agreement”),
dated December 9, 2021, entered into by the Company and Wilmington Trust, N.A., as trustee (the “trustee”), as
amended, to provide the Company with the discretion to extend the date on which to commence liquidating the trust account (the “Trust
Account”) established in connection with the Company’s initial public offering (the “IPO”) up
to six (6) additional times, each by a period of one month (the “Extension”), from December 15, 2024 to June 15,
2025 by depositing into the Trust Account $35,000 (the “Extension Payment”) for each one-month extension. The
Trust Amendment is attached hereto as Annex A (the “Proposal 1” or “Trust Amendment Proposal”);
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a
proposal of special resolution to amend the Company’s existing amended and restated memorandum and articles of association
(the “Amended and Restated Memorandum and Articles of Association”) to extend the date by which the Company must
consummate a business combination to June 15, 2025 (the “Extended Date”), by amending the Amended and Restated
Memorandum and Articles of Association to delete the existing Section 36.2 thereof and replacing it with the new Section 36.2 in
the form set forth in Annex B of the accompanying proxy statement (the “Proposal 2” or “Charter Amendment
Proposal”); and |
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a
proposal of ordinary resolution to direct the chairman of the Extraordinary General Meeting to adjourn the Extraordinary General
Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote
at the time of the Extraordinary General Meeting, there are not sufficient votes to approve any of the foregoing proposals (the “Proposal
3” or the “Adjournment Proposal”). |
| Q.
How does the Board of Directors recommend I vote? |
|
A. |
After
careful consideration of all relevant factors, the Board recommends that you vote or give instruction to vote “FOR” the
Charter Amendment Proposal, “FOR” the Trust Amendment Proposal, and “FOR” the Adjournment Proposal. |
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| Q.
Why is the Company proposing the Trust Amendment Proposal and the Charter Amendment Proposal? |
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A. |
Currently,
according to our Amended and Restated Memorandum and Articles of Association and the Trust
Agreement, as amended, the Company may, but is not obligated to, extend the period of time
to consummate a business combination (the “Combination Period”) five times
by an additional one month each time, for a total of up to five additional months from July
15, 2024 to until December 15, 2024 to complete a business combination, provided that the
Sponsor or its designee must deposit into the Trust Account $35,000 for each one-month
extension. Without the Charter Amendment Proposal, the Company believes that it will
not be able to complete the Business Combination within the permitted time period. If that
were to occur, the Company would be forced to liquidate.
The
purpose of the Trust Amendment Proposal and the Charter Amendment Proposal is to allow Alpha Star to extend the period of time to
consummate a business combination. |
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| Q.
Why should I vote for the Trust Amendment Proposal and the Charter Amendment Proposal? |
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A. |
The
Charter Amendment and the Trust Amendment will provide the Company with the ability to extend
the Combination Period until June 15, 2025 (assuming full extension). Although currently,
according to our Amended and Restated Memorandum and Articles of Association and the Trust
Agreement, as amended, the Company may, but is not obligated to, extend the Combination Period
up to December 15, 2024, the Board currently believes that it is very likely that the Company
will fully exercise such discretion to extend the Combination Period. Therefore, our Board
has determined that it is in the best interests of our shareholders to approve the Trust
Amendment and Charter Amendment to give the Company additional flexibility to extend the
Combination Period further in order to provide our shareholders with the opportunity to participate
in the prospective investment.
We
have entered in a business combination agreement for an initial business combination on September 12, 2024 and is currently in the
process of consummating the transaction, inasmuch as Alpha Star is also affording shareholders who wish to redeem their Public Shares
the opportunity to do so, as required under its Amended and Restated Memorandum and Articles of Association. Accordingly, we believe
the Trust Amendment and the Charter Amendment Proposal are consistent with Alpha Star’s Amended and Restated Memorandum and
Articles of Association and IPO prospectus.
|
| Q.
How do the Alpha Star insiders intend to vote their shares? |
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A. |
All
of Alpha Star’s directors, executive officers, initial shareholders and their respective
affiliates are expected to vote any ordinary shares over which they have voting control (including
any Public Shares owned by them) in favor of all proposals.
Alpha
Star’s directors, executive officers, initial shareholders and their respective affiliates are not entitled to redeem the founder
shares which include 2,870,000 ordinary shares initially issued to the Sponsor for an aggregate purchase price of $25,000. Public
Shares purchased on the open market by Alpha Star’s directors, executive officers and their respective affiliates may be redeemed.
On the Record Date, Alpha Star’s sponsor beneficially owned and were entitled to vote 2,875,000 founder shares and 330,000
private placement units, representing approximately 78.0% of Alpha Star’s issued and outstanding ordinary shares.
Alpha
Star’s directors, executive officers, initial shareholders and their affiliates may choose to buy Public Shares in the open
market and/or through negotiated private purchases. In the event that purchases do occur, the purchasers may seek to purchase shares
from shareholders who would otherwise have voted against the Trust Amendment Proposal and the Charter Amendment Proposal. Any Public
Shares held by or subsequently purchased by affiliates of Alpha Star may be voted in favor of the Trust Amendment Proposal and the
Charter Amendment Proposal. |
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| Q.
What amount will holders receive upon consummation of a subsequent business combination or liquidation if the Trust Amendment Proposal
and the Charter Amendment Proposal are approved? |
|
A. |
If
the Trust Amendment Proposal and the Charter Amendment Proposal are approved, our sponsor,
or its designees, has agreed to contribute to us as a loan an amount equal to the
extension fee (i.e. $35,000) for each monthly extension that is needed by Alpha Star to complete
an initial business combination from December 15, 2024 (the date by which Alpha Star is currently
required to complete its business combination) until June 15, 2025 (the “Contributions”).
Each Contribution will be deposited in the trust account established in connection with the
IPO within thirty calendar days from the beginning of such calendar month (or portion thereof).
The Contributions are conditioned upon the approval of the Trust Amendment Proposal and the
Charter Amendment Proposal. The Contributions will not occur if the Trust Amendment Proposal
and the Charter Amendment Proposal are not approved. The amount of the Contributions will
not bear interest and will be repayable by us to our sponsor or its designees upon consummation
of an initial business combination.
Our
sponsor or its designees will have the sole discretion whether to continue extending for additional calendar months until June 15,
2025 and if our sponsor determines not to continue extending for additional calendar months, its obligation to make additional Contributions
will terminate. |
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| Q.
Will you seek any further extensions to liquidate the trust account? |
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A. |
Other
than the extension until June 15, 2025 as described in this proxy statement, Alpha Star does not anticipate seeking the requisite
shareholder consent to any further extension to consummate a business combination. Alpha Star has provided that all holders of Public
Shares, whether they vote for or against the Trust Amendment Proposal and the Charter Amendment Proposal, or whether they were holders
of Alpha Star ordinary shares on the Record Date or acquired such shares after such date, may elect to redeem their Public Shares
into their pro rata portion of the trust account and should receive the funds shortly after the Extraordinary General Meeting. Those
holders of Public Shares who elect not to redeem their shares now shall retain redemption rights with respect to the initial business
combinations, or, if no future business combination is brought to a vote of the shareholders or if a business combination is not
completed for any reason, such holders shall be entitled to the pro rata portion of the trust account on June 15, 2025 (assuming
full extension) upon a liquidation of the Company. |
| Q.
What happens if the Trust Amendment Proposal and the Charter Amendment Proposal are not approved? |
|
A. |
If
the Trust Amendment Proposal and the Charter Amendment Proposal are not approved, we retain the right to extend the Combination Period
by five times for an additional one month each time from July 15, 2024, to December 15, 2024, by depositing into the Trust Account
$35,000 for each one-month extension. |
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| Q.
If the Trust Amendment Proposal and the Charter Amendment Proposal are approved, what happens next? |
|
A. |
If
the Trust Amendment Proposal and the Charter Amendment Proposal are approved, the Company
will have until the June 15, 2025 (assuming full extension) to complete its initial business
combination.
If
the Trust Amendment Proposal and the Charter Amendment Proposal are approved, we will remove the Withdrawal Amount from the trust
account, deliver to the holders of redeemed Public Shares their portion of the Withdrawal Amount and retain the remainder of the
funds in the trust account for our use in connection with consummating a business combination on or before June 15, 2025.
If
the Trust Amendment Proposal and the Charter Amendment Proposal are approved, the removal of the Withdrawal Amount from the trust
account in connection with the Redemption Election will reduce the amount held in the trust account following the Redemption Election.
We cannot predict the amount that will remain in the trust account if the Trust Amendment Proposal and the Charter Amendment Proposal
are approved and the amount remaining in the trust account may be only a small fraction of the current amount that was in the trust
account as of the record date. In such event, we may need to obtain additional funds to complete an initial business combination,
and there can be no assurance that such funds will be available on terms acceptable to the parties or at all. Also, the removal of
the Withdrawal Amount from the trust account will reduce the amount remaining in the trust account and increase the percentage interest
of Alpha Star’s ordinary shares held by Alpha Star’s officers, directors, initial shareholders and their affiliates.
The
Company will remain a reporting company under the Securities Exchange Act of 1934 (the “Exchange Act”) and its units,
ordinary shares, rights and warrants will remain publicly traded. |
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| Q.
Who bears the cost of soliciting proxies? |
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A. |
The
Company will bear the cost of soliciting proxies and will reimburse brokerage firms and others for expenses involved in forwarding
proxy materials to beneficial owners or soliciting their execution. In addition to solicitations by mail, the Company, through their
respective directors and officers, may solicit proxies in person, by telephone or by electronic means. Such directors and officers
will not receive any Extraordinary General remuneration for these efforts. We have retained Advantage Proxy, Inc. (“Advantage
Proxy”) to assist us in soliciting proxies. If you have questions about how to vote or direct a vote in respect of your shares,
you may contact Advantage Proxy at (877) 870-8565 (toll free) or by email at ksmith@advantageproxy.com. The Company has agreed
to pay Advantage Proxy a fee and expenses, for its services in connection with the Extraordinary General Meeting. |
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| Q.
How do I change my vote? |
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A. |
If
you have submitted a proxy to vote your shares and wish to change your vote, you may do so by delivering a later-dated, signed proxy
card to Alpha Star’s Secretary prior to the date of the Extraordinary General Meeting or by voting online at the Extraordinary
General Meeting. Attendance at the Extraordinary General Meeting alone will not change your vote. You also may revoke your proxy
by sending a notice of revocation to 100 Church Street, 8th Floor, New York, NY 10004, Atten: Secretary. |
| Q
If my shares are held in “street name,” will my broker automatically vote them for me? |
|
A. |
No.
If you do not give instructions to your broker, your broker can vote your shares with respect
to “discretionary” items, but not with respect to “non-discretionary”
items. We believe that Proposals 1, 2 and 3 are “non-discretionary” item.
Your
broker can vote your shares with respect to “non-discretionary items” only if you provide instructions on how to vote.
You should instruct your broker to vote your shares. Your broker can tell you how to provide these instructions. If you do not give
your broker instructions, your shares will be treated as broker non-votes and will have the effect of a vote “AGAINST”
the Trust Amendment Proposal and the Charter Amendment Proposal and will have no effect on the other proposals. |
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| Q
What is a quorum requirement? |
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A. |
A
quorum of shareholders is necessary to hold a valid meeting. A quorum will be present
for the Extraordinary General Meeting if there are present one or more shareholders in person
or by proxy not less than a majority of the Company’s ordinary shares entitled to vote
at such meeting present at the Extraordinary General Meeting.
Your
shares will be counted towards the quorum only if you submit a valid proxy (or one is submitted on your behalf by your broker, bank
or other nominee) or if you attend the Extraordinary General Meeting online. Abstentions will be counted towards the quorum requirement.
If there is no quorum, the chairman of the Extraordinary General Meeting may adjourn the Extraordinary General Meeting to another
date. |
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| Q
Who can vote at the Extraordinary General Meeting? |
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A. |
Only
holders of record of Alpha Star’s ordinary shares at the close of business on December
11, 2024 (the “Record Date”) are entitled to have their vote counted at the
Extraordinary General Meeting and any adjournments or postponements thereof. On the Record
Date, 4,107,999 ordinary shares were issued and outstanding and entitled to vote.
Shareholder
of Record: Shares Registered in Your Name. If on the Record Date your shares were registered directly in your name with Alpha Star’s
transfer agent, Vstock Transfer LLC, then you are a shareholder of record. As a shareholder of record, you may vote online at the
Extraordinary General Meeting or vote by proxy. Whether or not you plan to attend the Extraordinary General Meeting online, we urge
you to fill out and return the enclosed proxy card to ensure your vote is counted.
Beneficial
Owner: Shares Registered in the Name of a Broker or Bank. If on the Record Date your shares were held, not in your name, but rather
in an account at a brokerage firm, bank, dealer, or other similar organization, then you are the beneficial owner of shares held
in “street name” and these proxy materials are being forwarded to you by that organization. As a beneficial owner, you
have the right to direct your broker or other agent on how to vote the shares in your account. You are also invited to attend the
Extraordinary General Meeting online. However, since you are not the shareholder of record, you may not vote your shares online at
the Extraordinary General Meeting unless you request and obtain a valid proxy from your broker or other agent. |
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| Q
Does the Board recommend voting for the approval of the Trust Amendment Proposal, the Charter Amendment Proposal and the Adjournment
Proposal? |
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A. |
Yes.
After careful consideration of the terms and conditions of these proposals, the Board has determined that Proposals 1, 2, and 3 are
fair to and in the best interests of Alpha Star and its shareholders. The Board recommends that Alpha Star’s shareholders vote
“FOR” the Proposals 1, 2 and 3. |
| Q
What interests do the Company’s sponsor, directors and officers have in the approval of the proposals? |
|
A. |
Alpha
Star’s directors, officers, initial shareholders and their affiliates have interests in the proposals that may be different
from, or in addition to, your interests as a shareholder. These interests include ownership of certain securities of the Company.
See the section entitled “The Trust Amendment Proposal — Interests of Alpha Star’s Sponsor, Directors and Officers.” |
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| Q
What do I need to do now? |
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A. |
Alpha
Star urges you to read carefully and consider the information contained in this proxy statement, including Annex A and Annex
B, and to consider how the proposals will affect you as an Alpha Star shareholder. You should then vote as soon as possible in
accordance with the instructions provided in this proxy statement and on the enclosed proxy card. |
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| Q
How do I vote? |
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A. |
If
you are a holder of record of Alpha Star Public Shares, you may vote online at the Extraordinary
General Meeting or by submitting a proxy for the Extraordinary General Meeting. Whether or
not you plan to attend the Extraordinary General Meeting online, we urge you to vote by proxy
to ensure your vote is counted. You may submit your proxy by completing, signing, dating
and returning the enclosed proxy card in the accompanying pre-addressed postage paid envelope.
You may still attend the Extraordinary General Meeting and vote online if you have already
voted by proxy.
If
your shares of Alpha Star are held in “street name” by a broker or other agent, you have the right to direct your broker
or other agent on how to vote the shares in your account. You are also invited to attend the Extraordinary General Meeting online.
However, since you are not the shareholder of record, you may not vote your shares online at the Extraordinary General Meeting unless
you request and obtain a valid proxy from your broker or other agent. |
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| Q
How do I exercise my redemption rights? |
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A. |
If
the Trust Amendment Proposal and the Charter Amendment Proposal are approved, each public
shareholder may seek to redeem such shareholder’s Public Shares for its pro rata portion
of the funds available in the trust account, less any income taxes owed on such funds but
not yet paid. You will also be able to redeem your Public Shares in connection with any shareholder
vote to approve a proposed business combination, or if the Company has not consummated an
initial business combination by June 15, 2025.
To
demand redemption of your Public Shares, you must ensure your bank or broker complies with the requirements identified elsewhere
herein.
In
connection with tendering your shares for redemption, you must elect either to physically tender your share certificates to Vstock
Transfer LLC, the Company’s transfer agent, at 18 Lafayette Place, Woodmere, New York 11598, at least two business days prior
to the Extraordinary General Meeting or to deliver your shares to the transfer agent electronically using The Depository Trust Company’s
DWAC (Deposit/Withdrawal At Custodian) System, which election would likely be determined based on the manner in which you hold your
shares. |
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Certificates
that have not been tendered in accordance with these procedures at least two (2) business days prior to the Extraordinary General
Meeting will not be redeemed for cash. In the event that a public shareholder tenders its shares and decides prior to the Extraordinary
General Meeting that it does not want to redeem its shares, the shareholder may withdraw the tender. If you delivered your shares
for redemption to our transfer agent and decide prior to the Extraordinary General Meeting not to redeem your shares, you may request
that our transfer agent return the shares (physically or electronically). You may make such request by contacting our transfer agent
at the address listed above. |
| Q
What should I do if I receive more than one set of voting materials? |
|
A. |
You
may receive more than one set of voting materials, including multiple copies of this proxy statement and multiple proxy cards or
voting instruction cards, if your shares are registered in more than one name or are registered in different accounts. For example,
if you hold your shares in more than one brokerage account, you will receive a separate voting instruction card for each brokerage
account in which you hold shares. Please complete, sign, date and return each proxy card and voting instruction card that you receive
in order to cast a vote with respect to all of your Alpha Star shares. |
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| Q
Who can help answer my questions? |
|
A. |
If
you have questions about the proposals or if you need additional copies of the proxy statement
or the enclosed proxy card you should contact:
Alpha
Star Acquisition Corporation
100
Church Street, 8th Floor
New
York, NY 10004
(332)
233-4356
Advantage
Proxy, Inc.
P.O.
Box 13581
Des
Moines, WA 98198
Toll
Free: (877) 870-8565
Collect:
(206) 870-8565
You
may also obtain additional information about the Company from documents filed with the SEC by following the instructions in the section
entitled “Where You Can Find More Information.” |
FORWARD-LOOKING
STATEMENTS
We
believe that some of the information in this proxy statement constitutes forward-looking statements. You can identify these statements
by forward-looking words such as “may,” “expect,” “anticipate,” “contemplate,” “believe,”
“estimate,” “intends,” and “continue” or similar words. You should read statements that contain these
words carefully because they:
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discuss
future expectations; |
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contain
projections of future results of operations or financial condition; or |
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state
other “forward-looking” information. |
We
believe it is important to communicate our expectations to our shareholders. However, there may be events in the future that we are not
able to predict accurately or over which we have no control. The cautionary language discussed in this proxy statement provide examples
of risks, uncertainties and events that may cause actual results to differ materially from the expectations described by us in such forward-looking
statements, including, among other things, claims by third parties against the trust account, unanticipated delays in the distribution
of the funds from the trust account and Alpha Star’s ability to finance and consummate any proposed business combination. You are
cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this proxy statement.
All
forward-looking statements included herein attributable to Alpha Star or any person acting on Alpha Star’s behalf are expressly
qualified in their entirety by the cautionary statements contained or referred to in this section. Except to the extent required by applicable
laws and regulations, Alpha Star undertakes no obligation to update these forward-looking statements to reflect events or circumstances
after the date of this proxy statement or to reflect the occurrence of unanticipated events.
BACKGROUND
We
are a blank check company incorporated as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share
exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
On
December 15, 2021, we consummated the Initial Public Offering of 11,500,000 units (each, a “Unit” and collectively, the “Units”).
Each Unit consists of one ordinary share, one right to receive one-seventh (1/7) of an ordinary share upon the consummation of an initial
business combination and one redeemable warrant. Each warrant entitles the holder thereof to purchase one-half of one ordinary share
for $11.50 per share. The units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $115,000,000.
On
April 6, 2021, our sponsor purchased 2,875,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.01 per
share. Our sponsor purchased an aggregate of 330,000 private placement units at a price of $10.00 per unit in a private placement that
was completed simultaneously with the closing of our initial public offering. Each unit consists of one private placement share, one
private placement warrant and one private placement right. Each private placement warrant entitles the holder upon exercise to purchase
one-half of one ordinary share at a price of $11.50 per whole share, subject to adjustment as provided herein. Each private placement
right will be converted to one seventh (1/7) of one ordinary shares upon the completion of its initial business combination. The private
placement units (including the underlying securities) may not, subject to certain limited exceptions, be transferred, assigned or sold
by it until 30 days after the completion of our initial business combination.
On
December 13, 2021, our units commenced trading on the NASDAQ Capital Market, or NASDAQ, under the symbol “ALSAU”. Commencing
January 18, 2022, the ordinary shares, rights and warrants are separately traded on NASDAQ under the symbols “ALSA” “ALSAR”
and “ALSAW,” respectively.
Our
sponsor owns approximately 78.0% of our issued and outstanding ordinary shares as of December 5, 2024. The net proceeds of the IPO plus
the proceeds of the sale of the private placement units were deposited in the trust account. As of December 5, 2024, there was approximately
$11,040,871.70 in the trust account.
On
the Record Date, 4,107,999 ordinary shares were issued and outstanding. The aggregate market value of the ordinary shares outstanding,
other than shares held by persons who may be deemed affiliates of the Company, computed by reference to the closing sales price for the
ordinary shares on December 5, 2024, as reported on The Nasdaq Capital Market, was approximately $10,772,778.10.
The
mailing address of Alpha Star’s principal executive office is 100 Church Street, 8th Floor, New York, NY 10004, and its telephone
number is (332) 233-4356.
Alpha
Star is currently in the process of completing a business combination that will qualify as an initial business combination under its
Amended and Restated Memorandum and Articles of Association. On September 12, 2024, Alpha Star entered into a business combination agreement
with OU XDATA GROUP (“XDATA”), a company incorporated in Estonia, and Roman Eloshvili, the sole shareholder of XDATA. The
details of the transaction have been filed on Alpha Star’s Current Report on Form 8-K with the SEC on September 13, 2024.
You
are not being asked to vote on a business combination at this time. If the Trust Amendment Proposal and the Charter Amendment Proposal
are approved and you do not elect to redeem your Public Shares, you will retain the right to vote on any proposed business combination
if and when it is submitted to shareholders and the right to redeem your Public Shares for a pro rata portion of the trust account
in the event such business combination is approved and completed or the Company has not consummated a business combination by June 15,
2025 (assuming full extension).
RISK
FACTORS
Shareholders
should carefully consider the following risk factors, together with other risk factors disclosed in Company’s annual report on
Form 10-K filed on July 3, 2024 and all of the other information included in this proxy statement before they decide whether to vote
or instruct their vote to be cast to approve the Proposals described in this proxy statement. These risks could have a material adverse
effect on the business, financial conditioning and results of operations of the Company.
The
fact that our sponsor is, is controlled by, and has substantial ties with a non-U.S. person could impact our ability to complete our
initial business combination.
Our
sponsor, A-Star Management Corporation, is controlled by our Chairman and Chief Executive Officer Zhe Zhang, who is a Chinese citizen.
Our sponsor owns approximately 78.0% of the outstanding shares of the Company. Certain federally licensed businesses in the United States,
such as broadcasters and airlines, may be subject to rules or regulations that limit foreign ownership. As a result, this may limit the
pool of acquisition candidates we may acquire in the United States, in particular, relative to other special purpose acquisition companies
that are not subject to such restrictions, which could make it more difficult and costly for us to consummate a business combination
with a target business operating in the United States relative to such other companies.
In
addition, CFIUS is an interagency committee authorized to review certain transactions involving foreign investment in the United States
by foreign persons in order to determine the effect of such transactions on the national security of the United States. Because we may
be considered a “foreign person” under such rules and regulations, any proposed business combination between us and a U.S.
business engaged in a regulated industry or which may affect national security, we could be subject to such foreign ownership restrictions
and/or CFIUS review. The scope of CFIUS review was expanded by the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”)
to include certain non-passive, non-controlling investments in sensitive U.S. businesses and certain acquisitions of real estate even
with no underlying U.S. business. FIRRMA, and subsequent implementing regulations that are now in force, also subject certain categories
of investments to mandatory filings. If our initial business combination with any potential target company falls within the scope of
foreign ownership restrictions, we may be unable to consummate a business combination with such business. In addition, if our business
combination falls within CFIUS’s jurisdiction, we may be required to make a mandatory filing or determine to submit a voluntary
notice to CFIUS, or to proceed with the initial business combination without notifying CFIUS and risk CFIUS intervention, before or after
closing the initial business combination. CFIUS may decide to block or delay our initial business combination, impose conditions to mitigate
national security concerns with respect to such initial business combination or order us to divest all or a portion of a U.S. business
of the combined company if we had proceeded without first obtaining CFIUS clearance.
Moreover,
the process of government review, whether by CFIUS or otherwise, could be lengthy. Because we have only a limited time to complete its
initial business combination, our failure to obtain any required approvals within the requisite time period may require us to liquidate.
If we liquidate, our public shareholders may only receive the cash held in the trust account, and our warrants and rights will expire
worthless. This will also cause you to lose any potential investment opportunity in a target company and the chance of realizing future
gains on your investment through any price appreciation in the combined company.
If
we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements
and our activities may be restricted, which may make it difficult for us to complete our initial business combination.
A
company that, among other things, is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business
of investing, reinvesting, owning, trading or holding certain types of securities would be deemed an investment company under the Investment
Company Act. Since we currently invest the proceeds held in the trust account, it is possible the SEC could deem the Company to be currently
an inadvertent but nevertheless unregistered investment company.
If
we are deemed to be an investment company under the Investment Company Act, our activities may be restricted, including:
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restrictions
on the nature of our investments; and |
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restrictions
on the issuance of securities, each of which may make it difficult for us to complete our initial business combination. |
In
addition, we may have imposed upon us burdensome requirements, including:
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● |
registration
as an investment company; |
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adoption
of a specific form of corporate structure; and |
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reporting,
record keeping, voting, proxy and disclosure requirements and other rules and regulations. |
In
order not to be regulated as an investment company under the Investment Company Act, unless we can qualify for an exclusion, we must
ensure that we are engaged primarily in a business other than investing, reinvesting or trading in securities and that our activities
do not include investing, reinvesting, owning, holding or trading “investment securities” constituting more than 40% of our
total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. Our business is to identify and complete
an initial business combination and thereafter to operate the post-transaction business or assets for the long term. We do not plan to
buy businesses or assets with a view to resale or profit from their resale. We do not plan to buy unrelated businesses or assets or to
be a passive investor.
We
do not believe that our anticipated principal activities will subject us to the Investment Company Act. To this end, the proceeds
held in the trust account may only be invested in United States “government securities” within the meaning of Section
2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions
under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations.
Pursuant to the trust agreement, the trustee is not permitted to invest in other securities or assets. By restricting the investment
of the proceeds to these instruments, and by having a business plan targeted at acquiring and growing businesses for the long term
(rather than on buying and selling businesses in the manner of a merchant bank or private equity fund), we have intended from
completion of our initial public offering and continue to intend to avoid being deemed an “investment company” within
the meaning of the Investment Company Act. Our initial public offering was not intended for persons who are seeking a return on
investments in government securities or investment securities. The trust account set up in connection with the closing of our
initial public offering was and is intended as a holding place for funds pending the earliest to occur of: (i) the completion of our
initial business combination; (ii) the redemption of any public shares properly submitted in connection with a stockholder vote to
amend our Amended and Restated Memorandum and Articles of Association (A) to modify the substance or timing of our obligation to
redeem 100% of our public shares if we do not complete our initial business combination within 12 months (or if extended, 21 months)
from the closing of our initial public offering, or (B) with respect to any other provision relating to stockholders’ rights
or pre-initial business combination activity; or (iii) absent an initial business combination within 21 months from the closing of
our initial public offering, our return of the funds held in the trust account to our public stockholders as part of our redemption
of the public shares. We are now requesting our stockholders to approve a reduction of extension fee for extending the time
available to us to consummate an initial business combination. Stockholders who do not exercise their redemption rights in
connection with an amendment to our Amended and Restated Memorandum and Articles of Association would still be able to exercise
their redemption rights in connection with a subsequent business combination. If we do not invest the proceeds as discussed above,
we may be deemed to be subject to the Investment Company Act. If we were deemed to be subject to the Investment Company Act,
compliance with these additional regulatory burdens would require additional expenses for which we have not allotted funds and may
hinder our ability to complete an initial business combination or may result in our liquidation. If we are unable to complete our
initial business combination, our public stockholders may receive only approximately $12.22
per share on the liquidation of our trust account and our rights and warrants will expire worthless. There can be, however, no
assurance that the foregoing redemption price per share will be paid and as a result of expenses related to compliance with the
Investment Company Act, such redemption price may be lower.
Notwithstanding
the foregoing, as indicated above, on March 30, 2022, the SEC issued proposed rules relating to, among other items, the extent to which
SPACs could become subject to regulation under the Investment Company Act of 1940. The SEC’s proposed rules would provide a safe
harbor for companies from the definition of “investment company” under Section 3(a)(1)(A) of the Investment Company Act,
provided that they satisfy certain conditions that limit a company’s duration, asset composition, business purpose and activities.
The duration component of the proposed safe harbor rule would require company to file a Current Report on Form 8-K with the SEC announcing
that it has entered into an agreement with the target company (or companies) to engage in an initial business combination no later than
18 months after the effective date of the Company’s registration statement for its initial public offering. A company would then
be required to complete its initial business combination no later than 24 months after the effective date of its registration statement
for its initial public offering. These rules, if adopted, whether in the form proposed or in revised form, may materially adversely affect
our ability to negotiate and complete our initial business combination and may increase the costs and time related thereto. Unfortunately,
our Company may not qualify for the safe harbor because an initial business combination will not be completed within the foregoing 18-months
and 24-month time requirements and will require additional months to complete. Accordingly, our company may already be deemed an unregistered
investment company and subject to the requirements of the Investment Company Act as well as further expenses and possible penalties.
To
the extent it takes our company the longer to complete its initial business combination the greater will be the risk to our company and
its shareholders that Alpha Star may be deemed to be an unregistered investment company. The risk of our company being determined to
be an unregistered investment company may be mitigated if our company shifts the assets in its trust account from securities into cash
only.
PROPOSAL 1 THE TRUST AMENDMENT PROPOSAL
The Trust Amendment
Proposal would amend our existing Trust Agreement, providing the Company with the right to extend the date on which to commence liquidating
the Trust Account from December 15, 2024 to June 15, 2025 with the current extension fee in the amount of $35,000 required for the Company
to extend each one-month for us to consummate our initial business combination. The complete text of the proposed amendment to
the Trust Agreement is attached to this proxy statement as Annex A. All shareholders are encouraged to read the proposed amendment
in its entirety for a more complete description of its terms.
If the Trust Amendment
Proposal is not approved, we retain the right to extend the Combination Period by five times for an additional one month each time from
July 15, 2024, to December 15, 2024, by depositing into the Trust Account $35,000 for each one-month extension.
If the Trust Amendment Proposal
is not approved and we do not consummate a business combination by December 15, 2024 (assuming full extension) in accordance with our
current Amended and Restated Memorandum and Articles of Association, we will distribute the aggregate amount then on deposit in the Trust
Account (less up to $ 100,000 of the net interest earned thereon to pay dissolution expenses), pro rata to our public shareholders by
way of redemption and cease all operations except for the purposes of winding up of our affairs. Any redemption of public shareholders
from the trust account shall be effected automatically by function of our Amended and Restated Memorandum and Articles of Association
prior to any voluntary winding up. If we are required to windup, liquidate the trust account and distribute such amount therein, pro rata,
to our public shareholders, as part of any liquidation process, such winding up, liquidation and distribution must comply with the applicable
provisions of the Companies Law of the Cayman Islands. In that case, investors may be forced to wait beyond December 15, 2024 before the
redemption proceeds of our Trust Account become available to them and they receive the return of their pro rata portion of the proceeds
from our Trust Account. We have no obligation to return funds to investors prior to the date of our redemption or liquidation unless we
consummate our initial business combination prior thereto and only then in cases where investors have sought to redeem their ordinary
shares. Only upon our redemption or any liquidation will public shareholders be entitled to distributions if we are unable to complete
our initial business combination.
You are not being asked to
vote on a business combination at this time. If the Trust Amendment Proposal is approved and you do not elect to redeem your Public Shares,
you will retain the right to vote on any proposed business combination when it is submitted to shareholders and the right to redeem your
Public Shares for a pro rata portion of the trust account in the event such business combination is approved and completed or the
Company has not consummated a business combination by June 15, 2025.
If the Trust Amendment Proposal
is approved, the removal of the Withdrawal Amount from the trust account will reduce the amount held in the trust account and Alpha Star’s
net asset value based on the number of shares that seek redemption. Alpha Star cannot predict the amount that will remain in the trust
account if the Trust Amendment Proposal is approved.
The Board’s Reasons for the Trust Amendment
Proposal
The Company is proposing
to amend its Trust Agreement to allow the Company to extend its life monthly until June 15, 2025 by paying an extension fee of $35,000
for each one-month extension. Currently, according to our Amended and Restated Memorandum and Articles of Association and the
Trust Agreement, as amended, the Company may, but is not obligated to, extend the Combination Period five times by an additional one
month each time, for a total of up to five additional months from July 15, 2024 to until December 15, 2024 to complete a business combination,
provided that the Sponsor or its designee must deposit into the Trust Account $35,000 for each one-month extension (the “Current
Extension Fee”). Under the circumstances, the Sponsor wants to effect the extension from December 15, 2024 to June 15, 2025
with the Current Extension Fee. The Trust Agreement will be amended to reflect the foregoing. Approval of the Trust Amendment Proposal
is a condition to the implementation of the amendment.
As discussed above, after careful
consideration of all relevant factors, our Board has determined that the Trust Amendment Proposal is fair to, and in the best interests
of, Alpha Star and its shareholders. The Board has approved and declared advisable adoption of the Trust Amendment Proposal and recommends
that you vote “FOR” such adoption. The Board expresses no opinion as to whether you should redeem your Public Shares.
Interests of Alpha Star’s Sponsor, Directors
and Officers
When you consider the recommendation
of our Board, you should keep in mind that our sponsor, executive officers and members of our Board have interests that may be different
from, or in addition to, your interests as a shareholder. These interests include, among other things:
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the fact that our sponsor holds 2,875,000 founder shares and 330,000 private placement units that would expire worthless if a business combination is not consummated; |
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In order to finance transaction costs in connection with an intended initial business combination, our initial shareholders, officers, directors or their affiliates may, but are not obligated to, loan us funds as may be required. In the event that the initial business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts, but no proceeds from our trust account would be used for such repayment. Such loans would be evidenced by promissory notes. Such promissory notes would either be paid upon consummation of our initial business combination, without interest, or, at the lender’s discretion, up to $1,500,000 of the notes may be converted upon consummation of our business combination into additional private units at a price of $10.00 per unit (which, for example, would result in the holders being issued 150,000 ordinary shares if $1,500,000 of such notes were so converted, as well as 150,000 warrants to purchase 75,000 shares). |
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the fact that, if the trust account is liquidated, including in the event we are unable to complete an initial business combination within the required time period, the sponsor has agreed to indemnify us to ensure that the proceeds in the trust account are not reduced below $10.00 per public share, by the claims of prospective target businesses with which we have entered into an acquisition agreement or claims of any third party for services rendered or products sold to us, but only if such a third party or target business has not executed a waiver of any and all rights to seek access to the trust account; and |
All of the current members of
our Board are expected to continue to serve as directors of the Company at least through the date of the Extraordinary General Meeting
to vote on a proposed business combination and may even continue to serve following any potential business combination and receive compensation
thereafter.
Required Vote
The approval of the Trust Amendment
Proposal requires an ordinary resolution under the Amended and Restated Memorandum and Articles of Association, being the affirmative
vote of a majority of the Company’s ordinary shares issued and outstanding and entitled to vote and which are present (in person
or by proxy) at the Extraordinary General Meeting and which voted on the Trust Amendment Proposal. Abstentions, which are not votes cast,
will have no effect with respect to approval of this Proposal.
All of Alpha Star’s directors,
executive officers and their affiliates are expected to vote any shares owned by them in favor of the Trust Amendment Proposal. On the
record date, the sponsor of Alpha Star beneficially owned and was entitled to vote 3,205,000 ordinary shares of Alpha Star representing
approximately 78.0% of Alpha Star’s issued and outstanding ordinary shares.
In addition, Alpha Star’s
directors, executive officers and their affiliates may choose to buy Units or ordinary shares of Alpha Star in the open market and/or
through negotiated private purchases. In the event that purchases do occur, the purchasers may seek to purchase shares from shareholders
who would otherwise have voted against the Trust Amendment Proposal and elected to redeem their shares for a portion of the trust account.
Any shares of Alpha Star held by affiliates will be voted in favor of the Trust Amendment Proposal. As the Trust Amendment Proposal is
not a “routine” matter, brokers will not be permitted to exercise discretionary voting on this proposal.
Resolution
The resolution to be put to the
shareholders to consider and to vote upon at the Extraordinary General Meeting in relation to Trust Amendment Proposal is as follows:
“RESOLVED, as an ordinary
resolution that, the proposed amendment to the Trust Agreement attached to the proxy statement as Annex A be confirmed, adopted, approved
and ratified in all respects.”
Recommendation of the Board
The Board recommends that
you vote “FOR” the Trust Amendment Proposal. The Board expresses no opinion as to whether you should elect to redeem your
Public Shares.
PROPOSAL 2 THE CHARTER AMENDMENT PROPOSAL
The proposed Charter
Amendment would amend our existing Amended and Restated Memorandum and Articles of Association to extend the date by which the Company
has to consummate a business combination to June 15, 2025 (the termination date as so extended, the “Extended Date”).
Currently, the Company may, but is not obligated to, extend the period of time to consummate a business combination (the “Combination
Period”) five times by an additional one month each time, for a total of up to five additional months from July 15, 2024 to
until December 15, 2024 to complete a business combination, provided that the Sponsor or its designee must deposit into the Trust Account
$35,000 for each one-month extension. Without the Charter Amendment Proposal, the Company believes that it will not be able to
complete the Business Combination within the permitted time period. If that were to occur, the Company would be forced to liquidate.
The full proposed amendment to
the Amended and Restated Memorandum and Articles of Association is attached to this proxy statement as Annex B. All shareholders
are encouraged to read the proposed amendment in its entirety for a more complete description of its terms.
If the Charter Amendment
Proposal is not approved, we retain the right to extend the Combination Period by five times for an additional one month each time from
July 15, 2024, to December 15, 2024, by depositing into the Trust Account $35,000 for each one-month extension.
If the Charter Amendment Proposal
is not approved and we do not consummate a business combination by December 15, 2024 (assuming full extension) in accordance with our
current Amended and Restated Memorandum and Articles of Association, we will distribute the aggregate amount then on deposit in the Trust
Account (less up to $100,000 of the net interest earned thereon to pay dissolution expenses), pro rata to our public shareholders by
way of redemption and cease all operations except for the purposes of winding up of our affairs. Any redemption of public shareholders
from the trust account shall be effected automatically by function of our Amended and Restated Memorandum and Articles of Association
prior to any voluntary winding up. If we are required to windup, liquidate the trust account and distribute such amount therein, pro rata,
to our public shareholders, as part of any liquidation process, such winding up, liquidation and distribution must comply with the applicable
provisions of the Companies Law of the Cayman Islands. In that case, investors may be forced to wait beyond December 15, 2024 before the
redemption proceeds of our Trust Account become available to them and they receive the return of their pro rata portion of the proceeds
from our Trust Account. We have no obligation to return funds to investors prior to the date of our redemption or liquidation unless we
consummate our initial business combination prior thereto and only then in cases where investors have sought to redeem their ordinary
shares. Only upon our redemption or any liquidation will public shareholders be entitled to distributions if we are unable to complete
our initial business combination.
You are not being asked to vote
on a business combination at this time. If the Charter Amendment Proposal is approved and you do not elect to redeem your Public Shares,
you will retain the right to vote on any proposed business combination when it is submitted to shareholders and the right to redeem your
Public Shares for a pro rata portion of the trust account in the event such business combination is approved and completed or the Company
has not consummated a business combination by June 15, 2025.
If the Charter Amendment Proposal
is approved, the removal of the Withdrawal Amount from the trust account will reduce the amount held in the trust account and Alpha Star’s
net asset value based on the number of shares that seek redemption. Alpha Star cannot predict the amount that will remain in the trust
account if the Charter Amendment Proposal is approved.
The Board’s Reasons for the Charter Amendment
Proposal
The Company is proposing to amend
its Amended and Restated Memorandum and Articles of Association to allow the Company to extend the initial business combination period
to June 15, 2025.
The Company currently has until
December 15, 2024 (assuming full extension) to complete its initial business combination. Without the Charter Amendment Proposal, the
Company believes that it will not be able to complete the Business Combination within the permitted time period. If that were to occur,
the Company would be forced to liquidate.
Required Vote
The approval of the Charter Amendment
Proposal requires a special resolution under the Amended and Restated Memorandum and Articles of Association, being the affirmative vote
of holders of at least two-thirds (2/3) of the Company’s ordinary shares issued and outstanding and entitled to vote and which are
present (in person or by proxy) at the Extraordinary General Meeting and which voted on the Charter Amendment Proposal. Abstentions, which
are not votes cast, will have no effect with respect to approval of this Proposal.
All of Alpha Star’s directors,
executive officers and their affiliates are expected to vote any shares owned by them in favor of the Charter Amendment Proposal. On the
record date, the sponsor of Alpha Star beneficially owned and was entitled to vote 3,205,000 ordinary shares of Alpha Star representing
approximately 78.0% of Alpha Star’s issued and outstanding ordinary shares.
In addition, Alpha Star’s
directors, executive officers and their affiliates may choose to buy Units or ordinary shares of Alpha Star in the open market and/or
through negotiated private purchases. In the event that purchases do occur, the purchasers may seek to purchase shares from shareholders
who would otherwise have voted against the Trust Amendment Proposal and elected to redeem their shares for a portion of the trust account.
Any shares of Alpha Star held by affiliates will be voted in favor of the Charter Amendment Proposal. As the Charter Amendment Proposal
is not a “routine” matter, brokers will not be permitted to exercise discretionary voting on this proposal.
Resolution
The text of the proposed special
resolution to be put to shareholders to consider and vote upon at the Extraordinary General Meeting in relation to the Charter Amendment
Proposal is set forth as in Annex B to this proxy statement.
Recommendation of the Board
The Board recommends that
you vote “FOR” the Charter Amendment Proposal. The Board expresses no opinion as to whether you should elect to redeem your
Public Shares.
PROPOSAL 3 THE ADJOURNMENT PROPOSAL
The Adjournment
Proposal, if adopted, will request the chairman of the Extraordinary General Meeting (who has agreed to act accordingly) to adjourn
the Extraordinary General Meeting to a later date or dates to permit further solicitation of proxies. The Adjournment Proposal will
only be presented to our shareholders in the event, based on the tabulated votes, there are not sufficient votes at the time of the
Extraordinary General Meeting to approve the Proposals 1 and 2. If the adjournment proposal is not approved by our shareholders, it
is agreed that the chairman of the Extraordinary General Meeting shall not adjourn the Extraordinary General Meeting to a later date
in the event, based on the tabulated votes, there are not sufficient votes at the time of the Extraordinary General Meeting to
approve the Proposal 1 and 2.
Required Vote
The affirmative vote of a majority
of the Company’s ordinary shares present (in person or by proxy) and voting on the Adjournment Proposal at the Extraordinary General
Meeting will be required to direct the chairman of the Extraordinary General Meeting to adjourn the Extraordinary General Meeting to a
later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of
the Extraordinary General Meeting, there are not sufficient votes to approve the Proposal 1 and 2. Abstentions will have no effect with
respect to approval of this Adjournment Proposal. As this proposal is not a “routine” matter, brokers will not be permitted
to exercise discretionary voting on this proposal.
Resolution
The resolution to be put to the
shareholders to consider and to vote upon at the Extraordinary General Meeting in relation to Adjournment Proposal is as follows:
“RESOLVED, as an ordinary
resolution that, the adjournment of the Extraordinary General Meeting to a later date or dates to permit further solicitation of proxies
to be determined by the chairman of the Extraordinary General Meeting be confirmed, adopted, approved and ratified in all respects.”
Recommendation
The Board recommends that
you vote “FOR” the Adjournment Proposal.
THE EXTRAORDINARY GENERAL MEETING
Date, Time and
Place. The Extraordinary General Meeting of Alpha Star’s shareholders will be held at 9:00 a.m., Eastern Time on December
27, 2024 in offices of Han Kun LLP, located at 620 Fifth Avenue, 2nd Floor, Rockefeller Center, New York, NY10020.
Voting Power;
Record Date. You will be entitled to vote or direct votes to be cast at the Extraordinary General Meeting, if you owned Alpha Star
ordinary shares at the close of business on December 11, 2024, the Record Date for the Extraordinary General Meeting. You will
have one (1) vote per proposal for each Alpha Star share you owned at that time. Alpha Star rights and warrants do not carry voting rights.
Votes Required. The affirmative
vote of a majority of the Company’s ordinary shares issued and outstanding and entitled to vote which are present (in person or
by proxy) at the Extraordinary General Meeting and are voted will be required to approve the Proposals 1 and 3. The affirmative vote of
the holders of at least two-thirds (2/3) of the Company’s ordinary shares issued and outstanding and entitled to vote which are
present (in person or by proxy) at the Extraordinary General Meeting and are voted will be required to approve the Proposal 2. Abstentions,
which are not votes cast, will have no effect with respect to approval of these proposals. As proposals 1, 2 and 3 are not “routine”
matters, brokers will not be permitted to exercise discretionary voting on Proposals 1, 2 and 3.
At the close of business on the
record date, there were 4,107,999 issued and outstanding ordinary shares of Alpha Star each of which entitles its holder to cast one (1)
vote per proposal.
If you do not want
the Trust Amendment Proposal and the Charter Amendment Proposal approved, you should vote against such Proposals. If you want to obtain
your pro rata portion of the trust account in the event the Trust Amendment and the Charter Amendment Proposal are approved, which will
be paid within ten (10) business days after the shareholder Meeting which is scheduled for December 27, 2024, you must vote for
or against the Trust Amendment Proposal and the Charter Amendment Proposal and demand redemption of your shares.
Proxies; Board Solicitation.
Your proxy is being solicited by the Board on the proposal to approve the proposals being presented to shareholders at the Extraordinary
General Meeting. No recommendation is being made as to whether you should elect to redeem your shares. Proxies may be solicited in person
or by telephone. If you grant a proxy, you may still revoke your proxy and vote your shares online at the Extraordinary General Meeting.
We have retained Advantage Proxy,
Inc. (“Advantage Proxy”) to assist us in soliciting proxies. If you have questions about how to vote or direct a vote in respect
of your shares, you may contact Advantage Proxy at (877) 870-8565 (toll free). The Company has agreed to pay Advantage Proxy a fee of
$7500 and expenses, for its services in connection with the Extraordinary General Meeting.
CORPORATE GOVERNANCE
Meetings of the Board of Directors; Independence
and Committees
During the fiscal year ended
December 31, 2023, the Alpha Star board of directors (the “Board of Directors” or the “Board”) met on one occasion.
No member of the Board of Directors or any committee failed to attend at least, or participated in fewer 100% of the meetings of the Board
or of a committee on which such member serves. During all of the regularly scheduled meetings in fiscal year 2023, the Board of Directors
met in executive session where only the independent directors were present without any members of management.
The listing rules established
by the Nasdaq Stock Market require that a majority of the members of a listed company’s Board of Directors qualify as “independent”
as affirmatively determined by the board, meaning that each independent director has no direct or indirect material relationship with
a company other than as a director and/or a shareholder. Our Board of Directors consults with legal counsel to ensure that our Board of
Director’s determination with respect to the definition of “independent” is consistent with current Nasdaq listing rules.
The Nominating annually reviews the independence of all directors and nominees for director, including relevant transactions or relationships
between each director and nominee, or any of his or her family members or affiliates. The Nominating reports its findings to full Board.
Based on such report, the Board has affirmatively determined that each of our current directors, other than Zhe Zhang and Guojian Chen,
who serves as our Chief Executive Officer and Chief Financial Officer, are independent directors under the applicable guidelines noted
above. As a result, each of Patrick Swint, Xiaofeng Zhou and Huei-Ching Huang are deemed to be “independent” as that term
is defined under the rules of the Nasdaq Stock Market.
The Board of Directors will maintain
three (3) committees: the Audit Committee, the Compensation Committee, and the Nominating Committee. All of the members of our Audit,
Nominating, and Compensation Committees meet the standards for independence required under current Nasdaq Stock Market listing rules,
SEC rules, and applicable securities laws and regulations. Each of these committees has a written charter approved by the Board of Directors.
For the fiscal year ended December
31, 2023, a general description of the duties of the committees, their members and number of times each committee met were as follows:
Audit Committee. Our Audit
Committee acts to: (i) review with management the finances, financial condition and interim financial statements of the Company; (ii)
review with our independent registered public accounting firm the year-end financial statements; (iii) review implementation with the
independent registered public accounting firm and management of any action recommended by the independent registered public accounting
firm; and (iv) retain and terminate our independent registered public accounting firm. At the end of the 2023 fiscal year, the members
of our Audit Committee were Patrick Swint, Xiaofeng Zhou and Huei-Ching Huang. Ms. Huei-Ching Huang is designated as our Audit Committee
Financial Expert. During the 2023 fiscal year, and presently, all of the members of our Audit Committee were “independent”
within the definition of that term as provided by the Nasdaq Marketplace Rules. During the fiscal year ended December 31, 2023, the Audit
Committee met on one (1) occasion.
Compensation Committee.
The Compensation Committee reviews, approves and administers compensation arrangements for our executive officers, administers our equity-based
compensation plans, establishes and reviews general policies relating to the compensation and benefits of our executive officers and other
personnel, evaluates the relationship between executive officer compensation policies and practices and corporate risk management to confirm
those policies and practices do not incentivize excessive risk-taking, and evaluates and makes recommendations to our Board of Directors
regarding the compensation of our non-employee directors. As of the end of the 2023 fiscal year, the members of the Compensation Committee
were, Patrick Swint, Xiaofeng Zhou and Huei-Ching Huang. Ms. Xiaofeng Zhou serves as chairman of the compensation committee. At all times
members of the Compensation Committee satisfied the independence requirements of the Nasdaq Marketplace Rules. During the fiscal year
ended December 31, 2023, this committee met on two occasions and did not act on unanimous written consent.
Nominating Committee.
Pursuant to its charter, the Nominating Committee’s tasks include reviewing and recommending to the Board issues relating to the
Board’s composition and structure; establishing criteria for membership and evaluating corporate policies relating to the recruitment
of Board members; implementing and monitoring policies regarding principles of corporate governance in order to ensure the Board’s
compliance with its fiduciary duties to the Company and its shareholders; and making recommendations regarding proposals submitted by
shareholders. The Nominating Committee’s functions also include the review of all candidates for a position on the Board of Directors,
including existing directors for re-nomination, and reporting its findings with recommendations to the Board. The members of the Nominating
Committee as of the end of the 2023 fiscal year were Patrick Swint, Xiaofeng Zhou and Huei-Ching Huang, each of whom satisfy the independence
requirements of the Nasdaq Marketplace Rules. Ms. Huei-Ching Huang serves as chairman of the Nomination committee. During the fiscal year
ended December 31, 2023, this committee did not hold any meeting.
Procedure to be Followed by Shareholders in Submitting
Director Candidate Recommendations
Any shareholder who desires the
Nominating Committee to consider one or more candidates for nomination as a director should, either by personal delivery or by United
States mail, postage prepaid, deliver a written recommendation addressed to the Secretary of the Company at our principal executive offices
not later than the close of business on the 90th day, nor earlier than the close of business on the 120th day, prior
to the anniversary date of the immediately preceding annual meeting; provided, however, that, in the event that the date of the annual
meeting is advanced more than 30 days prior to or delayed (other than as a result of adjournment) by more than 30 days after the anniversary
of the preceding year’s annual meeting, notice by the shareholder to be timely must be so delivered not earlier than the close of
business on the 120th day prior to such annual meeting and not later than the close of business on the later of the 90th
day prior to such annual meeting or the 10th day following the date on which such notice of the date of such meeting was mailed
a public announcement of the date of such meeting was first made by the Company. Each written recommendation should set forth: (a) the
name and address of the shareholder making the recommendation and of the person or persons recommended; (b) the consent of such person(s)
to serve as a director(s) of the Company if nominated and elected; and (c) a description of how the person(s) satisfy the general criteria
specified in our Amended and Restated Memorandum and Articles of Association for consideration as a candidate.
Additional Criteria for Notice of Shareholder Nominees
In accordance with our Amended
and Restated Memorandum and Articles of Association, any shareholder entitled to vote in the election of directors generally may nominate
one or more persons for election as directors at a meeting only if written notice of such shareholder’s intent to make such nomination
or nominations has been given, either by personal delivery or by mail, postage prepaid, to the principal executive offices of the Company
in accordance with the terms described in the preceding paragraph. Each shareholder’s notice shall set forth for each nominee all
information relating to such person that is required to be disclosed in solicitations of proxies for election of directors pursuant to
Regulation 14A under the Securities Exchange Act of 1934 and pursuant to the Company’s Amended and Restated Memorandum and Articles
of Association, including such person’s written consent to being named as a nominee and to serving as a director if elected, as
well as whether and the extent to which any hedging or other transaction or series of transactions has been entered into by or on behalf
of the nominee with respect to any securities of the Company and a description of all arrangements or understandings between the shareholder
and each nominee and any other person or persons (naming such person or persons) pursuant to which the nominations are to be made by the
shareholder. Further, the notice shall include as to the shareholder giving notice all information required to be disclosed by the shareholder
under Regulation 14A under the Exchange Act, including: (i) the name and address of the shareholder; (ii) the class or series and number
of shares of the Company which are, directly or indirectly, owned by such shareholder, as well as any derivative positions held by such
shareholder; (iii) any proxy, arrangement, or relationship pursuant to which such shareholder has a right, directly or indirectly, to
vote any shares of any security of the Company; (iv) any hedging or similar transactions in securities of the Company directly or indirectly
owned by such shareholder; (v) a description of any agreement, arrangement or understanding with respect to the proposal; and (vi) a statement
whether either such shareholder intends, or is part of a group which intends, to deliver a proxy statement and form of proxy to holders
of at least the percentage of the Company’s voting shares required under applicable law to carry the proposal.
Shareholder Communications with the Board
Any shareholder may communicate
with the Board of Directors in writing through the Company’s Corporate Secretary provided that the communication identifies the
shareholder and the number and type of securities held by that shareholder. The Secretary reviews such communications, and forwards them
to the Board of Directors unless the Secretary, in consultation with the Chief Executive Officer, determines that the communication is
inappropriate for the Board’s consideration (for example, if it relates to a personal grievance or is unrelated to Company business).
The Secretary maintains a permanent written record of all such shareholder communications received by the Secretary. This process was
unanimously approved by the Nominating Committee of the Board of Directors (which is comprised of independent directors).
Directors and Executive Officers
Our current directors, officers
and director nominees are listed below.
| Name |
|
Age |
|
Title |
| Zhe Zhang |
|
49 |
|
Chairman, Chief Executive Officer and Director |
| Guojian Chen |
|
31 |
|
Chief Financial Officer and Director |
| Patrick Swint |
|
55 |
|
Director |
| Xiaofeng Zhou |
|
42 |
|
Director |
| Huei-Ching Huang |
|
56 |
|
Director |
Zhe Zhang serves as our
Chairman and Chief Executive Officer since April 2021. From August 2018 to February 2020, Mr. Zhang served as an independent director
of TKK Symphony Acquisition Corporation. Since May 2013, Dr. Zhang has been a Founding Partner of SIFT Capital, an asset manager licensed
by the Securities and Futures Commission (SFC) of Hong Kong and China Securities Regulatory Commission (CSRC). Since February 2019, Dr.
Zhang has also been the CEO of Still Waters Green Technology Limited, an asset management company based in London, specializing in the
development and management of renewable energy and power generation assets. Prior to that, from January 2000 to April 2013, he was an
Executive Director at Goldman Sachs Beijing, where he was a member of the Supervisory Board of Goldman’s Beijing Office and led
multiple overseas acquisitions by Chinese state-owned enterprises and listed companies. He is experienced with fund formation, equity
investment and portfolio management. Before entering the private sector, Dr. Zhang had spent 14 years with MOFCOM including as a diplomat
stationed in Europe. He is licensed as a Responsible Officer for Asset Management under the SFC of Hong Kong, as well as the licensed
to practice as a professional respectively for securities, futures and fund management in China. Dr. Zhang holds a Ph.D. degree from China
University of International Business and Economics, Master degrees from both Peking University (LL.M.) and Oxford University (Magister
Juris), and a Bachelor degree from Shanghai Institute of Foreign Trade (B.A.). He currently sits on the board of China Oxford Scholarship
Fund and is involved in the process for scholarship awardee selection every year.
Guojian Chen serves as
our Chief Financial Officer and director since March 2021. Mr. Chen serves as the Chief Financial Officer and Director of DT Cloud Acquisition
Corporation Since March 2021. Mr. Chen has served as an independent director of Venus Acquisition Corporation from February 2021 to December
2022. Mr. Chen serves as the Secretary of Board of Beijing China Reel Art Exchange Inc. a leading copyright operator focusing on high-quality
video content, since May 2020, where he is in charge of investor relations and corporate finance matters for the company. Mr. Chen served
as a director of Beijing Zhongqixinhe Enterprise Management Consulting Co., Ltd., a financial advisory firm with focuses on financial,
real estate and TMT industry from May 2019 to May 2020. Mr. Chen served as an analyst of Zhongrong Huitong Investment Fund Management
(Zhuhai) Co., Ltd. from July 2018 to May 2019. Mr. Chen received his Bachelor of Management degree from Renmin University of China in
2015, and Master of Finance from the University of Chinese Academy of Sciences in June 2018.
Xiaofeng Zhou serves as
an independent director since December 2021. Ms. Zhou serves as the Managing Director and founder of Hainan Genyuan Investment Corp. since
October 2020. From September 2019 to October 2020, Ms. Zhou served as Senior Strategic Consultant for Nanjing Travel Group. Prior to that,
from September 2006 to September 2019, Ms. Zhou served director, Vice President and Secretary of the Board for Tempus International Commercial
Services Corp., a company listed in Hong Kong and Shenzhen Stock market. Ms. Zhou received her LL.B. degree from Shenzhen University in
2004.
Patrick Swint serves as
an independent director since October 2022. Major Patrick J. Swint has served as a Board Member at Roberts & Ryan, a Service Disabled
Veteran Owned Broker Dealer (SDVO) based in New York City, since December 2020. He founded and served as CEO of Knightsbridge Ventures
in August 2017, a Registered Investment Advisor to syndicate capital from US Accredited investors to co-invest in European private equity
and real estate with European family offices. Mr. Swint is the founder and current CEO of Salsa Properties LLC, a property development
and real estate portfolio management company with over 20-year history. Mr. Swint has previously worked for Drexel Hamilton and Academy
Securities, the top New York City SDVO Broker Dealers, in investment banking, specifically capital raising and M&A. He performed an
internship in International Treasury with FMC corporation in Philadelphia whilst studying for his FINRA series 7 and 79 examinations in
the Wall Street War Fighters Program in Philadelphia in 2012. He is retired from a successful civilian career in orthopedic surgery for
12 years. Major Swint is retired from a military career spanning 21 years during which he served as a medic in the US Army Special Forces,
as a Detachment Medic for a counter-drug Special Operations Detachment, and as an Orthopedic Surgery Consultant in the US Air Force. Major
Swint was recognized for his career of military service by a Resolution of the Texas Senate in 2011 and was awarded an Admiral’s
Commission in the Texas Navy in 2014 (Texas’ highest civilian award) by the then Governor of Texas Rick Perry. Mr. Swint received
a BA from the University of Texas at Austin in Political Science/Latin American Studies in 1993, a BS of Physician Assistant Studies from
the UT Health Sciences Center San Antonio in 1996, a Medical Degree (MS) from the University of Nebraska Medical Center (Summa Cum Laude)
in 1999 and an MBA from the University of Chicago Booth School of Business in Private Equity Finance in 2016. He has passed the FINRA
Series 7, 63, 65 and 79 examinations. He is a member of the Urban Land Institute (ULI) and a Member of the UK Chartered Institute For
Securities and Investments (CISI). Mr. Swint was granted the City of London Freedom in 2016. Mr. Swint is currently a Freeman of the City
of London International Bankers Livery Company, a Freeman of the City of London Guild of Investment Managers, a Freeman of the Society
of Apothecaries Livery, and a Founding Freeman of the City of London Guild of Entrepreneurs. He is an active member in London of the Royal
Automobile Club, the Royal Air Force Club, the City Livery Club and the Special Forces Club. Mr. Swint is a Life Member of the University
of Texas Alumni Association and the US Army Special Forces Association. Mr. Swint recently founded the Excalibur Foundation to support
the transition of severely disabled Special Operations Veterans in the United Kingdom into finance and entrepreneurial roles.
Huei-Ching (Tina) Huang
serves as an independent director since December 2021. Ms. Huang founded and has served as director of AGC Capital Securities Pty Ltd
since April 2014. AGC Capital is a financial advisory service company based in Sydney and licensed in Australia. Ms. Huang leads AGC Capital’s
operation in Australia and Asia Pacific, primarily focusing on initial public offerings, funds management, corporate finance, mergers
and acquisitions and direct investments. From February 2021 to Present, Ms. Huang also serve as a director of Wall St. Trust Limited based
in Hong Kong, which is a licensed entity of Securities & Futures Commission of Hong Kong (SFC). Prior to AGC Capital, from February
2012 to May 2013, Ms. Huang worked for KPMG as a director of Information Risk Management. Ms. Huang received her a LLB degree from School
of Law of Soochow University in June 1992. We believe Ms. Huang is well-qualified to serve as a member of the Board because of her financial
experiences in capital markets.
Terms of Office of Officers and Directors
Each of our directors holds office
for a one-year term. Subject to any other special rights applicable to the shareholders, any vacancies on our Board of Directors may be
filled by the affirmative vote of a majority of the directors present and voting at the meeting of our board or by a majority of the holders
of our founder shares.
Shareholder Communications
Shareholders who wish to communicate
directly with our board of directors, or any individual director, should direct questions in writing to our Corporate Secretary, Alpha
Star Acquisition Corporation, 100 Church Street, 8th Floor, New York, NY 10004, (332) 233-4356. The mailing envelope must contain a clear
notation indicating that the enclosed letter is a “Board Communication” or “Director Communication.” All such
letters must identify the author and clearly state whether the intended recipients are all members of the board of directors or just certain
specified individual directors. The Corporate Secretary will make copies of all such letters and circulate them to the appropriate director
or directors.
Director Independence
The NASDAQ listing standards
require that a majority of our Board of Directors be independent. An “independent director” is defined generally as a person
who has no material relationship with the listed company (either directly or as a partner, shareholder or officer of an organization that
has a relationship with the company). We currently have three “independent directors” as defined in the NASDAQ listing standards
and applicable SEC rules. Our board has determined that each of Messrs. Patrick Swint, Xiaofeng Zhou and Huei-Ching Huang are independent
directors under applicable SEC and NASDAQ rules. Our independent directors will have regularly scheduled meetings at which only independent
directors are present.
Leadership Structure and Risk Oversight
The board of directors’
oversight of risk is administered directly through the board of directors, as a whole, or through its audit committee. Various reports
and presentations regarding risk management are presented to the board of directors including the procedures that the Company has adopted
to identify and manage risks. The audit committee addresses risks that fall within the committee’s area of responsibility. For example,
the audit committee is responsible for overseeing the quality and objectivity of the Company’s financial statements and the independent
audit thereof. The audit committee reserves time at each of its meetings to meet with the Company’s independent registered public
accounting firm outside of the presence of the Company’s management.
Director Nominations
As stated above in this Proxy
Statement, we have established a standing nominating committee, In accordance with Rule 5605(e)(2) of the Nasdaq rules, a majority of
the independent directors may recommend a director nominee for selection by the board of directors. The board of directors believes that
the independent directors can satisfactorily carry out the responsibility of properly selecting or approving director nominees without
the formation of a standing nominating committee. The directors who shall participate in the consideration and recommendation of director
nominees are Messrs. Patrick Swint, Xiaofeng Zhou and Huei-Ching Huang. In accordance with Rule 5605(e)(1)(A) of the Nasdaq rules, all
such directors are independent.
The board of directors will also
consider director candidates recommended for nomination by our shareholders during such times as they are seeking proposed nominees to
stand for election at the next annual meeting of shareholders (or, if applicable, a special meeting of shareholders). Our shareholders
that wish to nominate a director for election to the Board should follow the procedures set forth in our memorandum and articles of association.
We have not formally established
any specific, minimum qualifications that must be met or skills that are necessary for directors to possess. In general, in identifying
and evaluating nominees for director, the board of directors considers educational background, diversity of professional experience, knowledge
of our business, integrity, professional reputation, independence, wisdom, and the ability to represent the best interests of our shareholders.
Code of Ethics
We have adopted a Code of Ethics
applicable to our directors, officers and employees. We have filed a copy of our Code of Ethics and our audit and compensation committee
charters as exhibits to the registration statement filed in connection with our IPO. You can review these documents by accessing our public
filings at the SEC’s web site at www.sec.gov. In addition, a copy of the Code of Ethics will be provided without charge upon request
from us. We intend to disclose any amendments to or waivers of certain provisions of our Code of Ethics in a Current Report on Form 8-K.
Section 16(a) Beneficial Ownership Reporting Compliance
Section 16(a) of the Exchange
Act requires our executive officers and directors, and persons who own more than ten percent of any publicly traded class of our equity
securities, to file reports of ownership and changes in ownership of equity securities of the Company with the SEC. Officers, directors,
and greater-than-ten-percent shareholders are required by the SEC’s regulations to furnish the Company with copies of all Section
16(a) forms that they file.
Based solely upon a review of
Forms 3 and Forms 4 furnished since the effective date of our IPO, we believe that all such forms required to be filed pursuant to Section
16(a) of the Exchange Act were timely filed, as necessary, by the officers, directors, and security holders required to file the same.
Director and Officer Compensation
No compensation or fees of any
kind, including finder’s, consulting fees and other similar fees, will be paid to our founders, members of our management team or
their respective affiliates, for services rendered prior to, or in order to effectuate the consummation of, our initial business combination
(regardless of the type of transaction that it is). Directors, officers and founders will receive reimbursement for any out-of-pocket
expenses incurred by them in connection with activities on our behalf, such as identifying potential target businesses, performing business
due diligence on suitable target businesses and business combinations as well as traveling to and from the offices, plants or similar
locations of prospective target businesses to examine their operations. There is no limit on the amount of out-of-pocket expenses reimbursable
by us.
After completion of our initial
business combination, members of our management team who remain with us may be paid employment, consulting, management or other fees from
the combined company with any and all amounts being fully disclosed to stockholders, to the extent then known, in the proxy solicitation
materials furnished to our stockholders. The amount of such compensation may not be known at the time of a stockholder meeting held to
consider an initial business combination, as it will be up to the directors of the post-combination business to determine executive and
director compensation. In this event, such compensation will be publicly disclosed at the time of its determination in an Exchange Act
filing such as Current Report on Form 8-K, as required by the SEC.
Employment Agreements
We do not currently have any
written employment agreements with any of our directors and officers except certain indemnification agreements with our directors.
Retirement/Resignation Plans
We do not currently have any
plans or arrangements in place regarding the payment to any of our executive officers following such person’s retirement or resignation.
BENEFICIAL OWNERSHIP OF SECURITIES
The following table sets forth
certain information regarding the beneficial ownership of Alpha Star’s ordinary shares as of the record date by:
| |
● |
each person known by us to be the beneficial owner of more than 5% of our outstanding ordinary shares; |
| |
|
|
| |
● |
each of our current officers and directors; and |
| |
|
|
| |
● |
all current officers and directors as a group. |
As of the record date, there
were a total of 4,107,999 ordinary shares. Unless otherwise indicated, all persons named in the table have sole voting and investment
power with respect to all ordinary shares beneficially owned by them.
| Name and Address of Beneficial Owner(1) | |
Amount and
Nature of
Beneficial
Ownership(3) | | |
Approximate
Percentage of
Outstanding
Shares(3) | |
| A-Star Management Corporation(2) | |
| 3,205,000 | | |
| 78.0 | % |
| Zhe Zhang(2) | |
| 3,205,000 | | |
| 78.0 | % |
| Guojian Chen(4) | |
| - | | |
| - | |
| Patrick Swint(4) | |
| - | | |
| - | |
| Xiaofeng Zhou(4) | |
| - | | |
| - | |
| Huei-Ching Huang(4) | |
| - | | |
| - | |
| All directors and officers as a group (5 individuals) | |
| 3,205,000 | | |
| 78.0 | % |
| | |
| | | |
| | |
| 5% or greater beneficial owners | |
| | | |
| | |
| Walleye Capital LLC (5) | |
| 358,731 | | |
| 8.7 | % |
| Mizuho Financial Group, Inc.(6) | |
| 1,027,250 | | |
| 25.0 | % |
| (1) |
Unless otherwise indicated, the business address of each of the individuals is 100 Church Street, 8th Floor, New York, New York 10004. |
| (2) |
Represents 2,875,000 founder ordinary shares and 330,000 private placement ordinary shares held by A-Star Management Corporation, our sponsor. Mr. Zhe Zhang, our Chairman and Chief Executive Officer, is the sole director of our sponsor, have voting and dispositive power of the ordinary shares. The address for our sponsor is Craigmuir Chambers, PO Box 71, Road Town, Tortola, VG 1110 British Virgin Islands. |
| (3) |
Based upon 4,107,999 ordinary shares outstanding. Includes the 330,000 private placement units (and the component parts) purchased by our sponsor simultaneously with the consummation of our initial public offering. |
| (4) |
Such individual does not beneficially own any of our ordinary shares. However, such individual has a pecuniary interest in our ordinary shares through his ownership of shares of our sponsor. |
| (5) |
Based on information contained in the Schedule 13G filed on November 13, 2024. |
| (6) |
Based on information contained in the Schedule 13G filed on February 14, 2023. |
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
On April 6, 2021, our sponsor
purchased 2,875,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.01 per share. Our sponsor owns approximately
78.0% of our issued and outstanding ordinary shares as of December 5, 2024.
Our sponsor purchased an aggregate
of 330,000 private placement units at a price of $10.00 per unit in a private placement that was completed simultaneously with the closing
of our initial public offering. Each unit consists of one private placement share, one private placement warrant and one private placement
right. Each private placement warrant entitles the holder upon exercise to purchase one-half of one ordinary share at a price of $11.50
per whole share, subject to adjustment as provided herein. Each private placement right will be converted to one seventh (1/7) of one
ordinary shares upon the completion of its initial business combination. The private placement units (including the underlying securities)
may not, subject to certain limited exceptions, be transferred, assigned or sold by it until 30 days after the completion of our initial
business combination.
In connection with the completion
of our initial public offering, we entered into an Administrative Services Agreement with our sponsor pursuant to which we will pay a
total of $10,000 per month for office space, administrative and support services to such affiliate. Upon completion of our initial business
combination or our liquidation, we will cease paying these monthly fees. Accordingly, in the event the consummation of our initial business
combination takes the maximum 21 months, our sponsor will be paid a total of $210,000 ($10,000 per month) for office space, administrative
and support services and will be entitled to be reimbursed for any out-of-pocket expenses.
Our sponsor, officers and directors,
or any of their respective affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our
behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee
will review on a quarterly basis all payments that were made to our sponsor, officers, directors or our or their affiliates and will determine
which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of out-of-pocket expenses
incurred by such persons in connection with activities on our behalf.
Our sponsor has agreed to loan
us up to $300,000 to be used for a portion of the expenses of our initial public offering. As of the date of closing our initial public
offering, we had borrowed $300,000 under the promissory note with our sponsor. These loans are non-interest bearing, unsecured and were
originally due and payable in connection with our public offering (December 15, 2021). The loan repaid as $300,000 allotted to the payment
of offering expense. On September 13, 2022, the Company issued a promissory note (the “Note”) in the principal amount of up
to $1,000,000 to the Sponsor, pursuant to which the Sponsor shall loan to the Company up to $1,000,000 to pay the extension fee and transaction
cost. On September 13, 2022, the Company requested to draw the funds of $383,333 and deposited it into the trust account to extend the
period of time the Company has to consummate a business combination by one month to October 15, 2022. The $383,333 extension fee represents
approximately $0.033 per public share. The Notes bear no interest and are repayable in full upon the earlier of (a) September 15, 2023
or (b) the date of the consummation of the Company’s initial business combination. The Note have no conversion feature, and no collateral.
The issuance of the Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933,
as amended. On December 13, 2022, the Company issued a promissory note (the “Second Note”) in the principal amount of up to
$1,300,000 to the Sponsor, pursuant to which the Sponsor shall loan to the Company up to $1,300,000 to pay the extension fee and transaction
cost. The Note bears no interest and are repayable in full upon the earlier of (a) December 31, 2023 or (b) the date of the consummation
of the Company’s initial business combination. Sponsor promissory note balances were $5,755,961 and $1,533,332 as of December 31,
2023 and December 31, 2022 respectively.
On March 13, 2023, the Company
issued a promissory note (the “Third Note”) in the principal amount of up to $2,500,000 to the Sponsor, pursuant to which
the Sponsor shall loan to the Company up to $2,500,000 to pay the extension fee and transaction cost. The Note bears no interest and are
repayable in full upon the earlier of (a) December 31, 2023 or (b) the date of the consummation of the Company’s initial business
combination.
On September 20, 2023, the
Company issued a promissory note (the “Fourth Note”) in the principal amount of up to $2,500,000 to the Sponsor, pursuant
to which the Sponsor shall loan to the Company up to $2,500,000 to pay the extension fee and transaction cost. The Note bears no interest
and are repayable in full upon the date of the consummation of the Company’s initial business combination.
On August 26, 2024, the Company
entered into a Loan Agreement with the Sponsor, pursuant to which the Sponsor shall loan to the Company up to $1,500,000 to pay the extension
fee and transaction cost. The loan bears no interest and are repayable in full upon the date of the consummation of the Company’s
initial business combination.
On September 25, 2024, the Company entered into
an agreement with the Sponsor, pursuant to which the Sponsor agrees to waive the principal balance of the loan with a total amount of
$746,270 and to waive the principal balance of the Notes with a total amount of $6,245,961. After the waiver, the balance of the Notes
was $35,000 and the balance of loan was nil, as of September 30, 2024.
In addition, in order to finance
transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of
our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete an initial business combination,
we would repay such loaned amounts. In the event that the initial business combination does not close, we may use a portion of the working
capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used for such repayment.
Up to $1,500,000 of such loans may be convertible into units at a price of $10.00 per unit (which, for example, would result in the holders
being issued 150,000 ordinary shares, 150,000 rights and 150,000 warrants to purchase 75,000 shares if $1,500,000 of notes were so converted)
at the option of the lender. The units would be identical to the placement units issued to the initial holder. The terms of such loans
by our officers and directors, if any, have not been determined and no written agreements exist with respect to such loans. We do not
expect to seek loans from parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties will be willing
to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account.
The holders of the founder shares,
private placement units, the shares underlying the warrants underlying the unit purchase option issued to the underwriters of our initial
public offering, and units that may be issued on conversion of working capital loans (and any securities underlying the private placement
units and the working capital loans) are entitled to registration rights pursuant to a registration rights agreement signed on the effective
date of our initial public offering requiring us to register such securities for resale. The holders of these securities are entitled
to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-back”
registration rights with respect to registration statements filed subsequent to our completion of our initial business combination and
rights to require us to register for resale such securities pursuant to Rule 415 under the Securities Act. We will bear the expenses incurred
in connection with the filing of any such registration statements.
DELIVERY OF DOCUMENTS TO SHAREHOLDERS
Pursuant to the rules of the
SEC, Alpha Star and its agents that deliver communications to its shareholders are permitted to deliver to two or more shareholders sharing
the same address a single copy of Alpha Star’s proxy statement. Upon written or oral request, Alpha Star will deliver a separate
copy of the proxy statement to any shareholder at a shared address who wishes to receive separate copies of such documents in the future.
Shareholders receiving multiple copies of such documents may likewise request that Alpha Star deliver single copies of such documents
in the future. Shareholders may notify Alpha Star of their requests by calling or writing Alpha Star at Alpha Star’s principal executive
offices at 100 Church Street, 8th Floor, New York, NY 10004, (332) 233-4356.
WHERE YOU CAN FIND MORE INFORMATION
Alpha Star files annual, quarterly
and current reports, proxy statements and other information with the SEC as required by the Exchange Act. Alpha Star files its reports,
proxy statements and other information electronically with the SEC. You may access information on Alpha Star at the SEC website at http://www.sec.gov.
This Proxy Statement describes
the material elements of relevant contracts, exhibits and other information attached as annexes to this Proxy Statement. Information and
statements contained in this Proxy Statement are qualified in all respects by reference to the copy of the relevant contract or other
document included as an annex to this document.
You may obtain this additional
information, or additional copies of this Proxy Statement, at no cost, and you may ask any questions you may have about the Trust Amendment
Proposal, the Charter Amendment Proposal or the Adjournment Proposal by contacting us at the following address, telephone number or facsimile
number:
Alpha Star Acquisition Corporation
100 Church Street, 8th Floor
New York, NY 10004,
(332) 233-4356
In order to receive
timely delivery of the documents in advance of the Extraordinary General Meeting, you must make your request for information no later
than December 19, 2024.
ANNEX A
AMENDMENT TO THE
INVESTMENT MANAGEMENT TRUST AGREEMENT
This Amendment No. 3 (this “Amendment”),
dated as of [ ], 2024, to the Investment Management Trust Agreement (as defined below) is made by and between Alpha Star Acquisition Corporation,
a Cayman Island corporation (the “Company”) and Wilmington Trust, National Association, a national banking association (the
“Trustee”). All terms used but not defined herein shall have the meanings assigned to them in the Trust Agreement.
WHEREAS, the Company and the
Trustee entered into an Investment Management Trust Agreement, dated December 9, 2021 (the “Trust Agreement”); and
WHEREAS, at a Shareholders
Meeting of the Company held on December 27, 2024, the Company’s shareholders approved a proposal to amend the Trust Agreement
to provide the Company the right to extend the date on which to commence liquidating the Trust Account from December 15, 2024 to June
15, 2025 for an extension fee of $35,000, which payment shall be paid into the Trust Account.
NOW THEREFORE, IT IS AGREED:
1. Preamble. The fifth WHEREAS
clause in the preamble of the Trust Agreement is hereby amended and restated to read as follows:
“WHEREAS, as described
Registration Statement and in its Amended and Restated Memorandum and Articles of Association, the Company’s ability to complete
a business combination may be extended in additional increments of one-month up to a total of 6 additional months from December 15, 2024
to June 15, 2025, subject to the payment into the Trust Account by the Sponsor (or its designees or affiliates) of the sum of $35,000
per month (the “Extension Payment”), and which Extension Payments, if any, shall be added to the Trust Account.”
2. All other provisions of the Trust Agreement
shall remain unaffected by the terms hereof.
3. This Amendment may be signed
in any number of counterparts, each of which shall be an original and all of which shall be deemed to be one and the same instrument,
with the same effect as if the signatures thereto and hereto were upon the same instrument. A facsimile signature shall be deemed to be
an original signature for purposes of this Amendment.
4. This Amendment is intended
to be in full compliance with the requirements for an Amendment to the Trust Agreement as required by Section 6(c) of the Trust Agreement,
and every defect in fulfilling such requirements for an effective amendment to the Trust Agreement is hereby ratified, intentionally waived
and relinquished by all parties hereto.
5. This Amendment shall be governed
by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles
that would result in the application of the substantive laws of another jurisdiction.
IN WITNESS WHEREOF, the parties have duly executed
this Amendment to the Investment Management Trust Agreement as of the date first written above.
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ALPHA STAR ACQUISITION CORPORATION |
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|
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By: |
|
| |
Name: |
Zhe Zhang |
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Title: |
Chief Executive Officer |
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Wilmington Trust, National Association, as Trustee |
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By: |
|
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Name: |
|
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Title: |
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ANNEX B
AMENDMENT TO
AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION
The Charter Amendment Proposal
“RESOLVED, as a special resolution, THAT:
The Amended and Restated Memorandum
and Articles of Association of Alpha Star Acquisition Corporation shall be amended by deleting Section 36.2 in its entirety and replacing
it with the following:
“36.2 In the event that
the Company does not consummate its initial Business Combination by December 15, 2024 (the Deadline), the Company may, but is
not obliged to, extend the period of time to consummate the Business Combination up to six (6) additional times, each by a period of
one month (the Extension), to June 15, 2025 (the Extended Date), provided that if the Company exercises the Extension,
the Sponsor, or its designee or assignee, shall deposit additional funds into the Trust Account in accordance with terms as set out in
the trust agreement governing the Trust Account. In the event that the Company does not consummate a Business Combination by the Extended
Date, such failure shall trigger an automatic redemption of the Public Shares (an Automatic Redemption Event) and the directors
of the Company shall take all such action necessary (i) as promptly as reasonably possible but no more than ten (10) business days thereafter
to redeem the Public Shares or distribute the Trust Account to the holders of Public Shares, on a pro rata basis, in cash at a per-share
amount equal to the applicable Per-Share Redemption Price; and (ii) as promptly as practicable, to cease all operations except for the
purpose of making such distribution and any subsequent winding up of the Company’s affairs. In the event of an Automatic Redemption
Event, only the holders of Public Shares shall be entitled to receive pro rata redeeming distributions from the Trust Account with respect
to their Public Shares.” ”
PROXY
ALPHA STAR ACQUISITION CORPORATION
100 Church Street, 8th Floor
New York, NY 10004
(332) 233-4356
EXTRAORDINARY MEETING OF SHAREHOLDERS
DECEMBER 27, 2024
YOUR VOTE IS IMPORTANT
FOLD AND DETACH HERE
THIS PROXY IS SOLICITED
BY THE BOARD OF DIRECTORS FOR THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS TO BE HELD ON DECEMBER 27, 2024
The undersigned,
revoking any previous proxies relating to these shares, hereby acknowledges receipt of the Notice and Proxy Statement, dated December
16, 2024, in connection with the Extraordinary General Meeting and at any adjournments thereof (the “Extraordinary General
Meeting”) to be held at 9:00 a.m. Eastern Time on December 27, 2024 in the offices
of Han Kun LLP, at 620 Fifth Avenue, 2nd Floor, Rockefeller Center, New York, NY10020 and hereby appoints Zhe Zhang and Guojian
Chen, and each of them (with full power to act alone), the attorneys and proxies of the undersigned, with power of substitution to each,
to vote all ordinary shares of Alpha Star Acquisition Corporation (the “Company”) registered in the name provided, which
the undersigned is entitled to vote at the Extraordinary General Meeting with all the powers the undersigned would have if personally
present. Without limiting the general authorization hereby given, said proxies are, and each of them is, instructed to vote or act as
follows on the proposals set forth in this Proxy Statement.
THIS PROXY, WHEN EXECUTED,
WILL BE VOTED IN THE MANNER DIRECTED HEREIN.
THE BOARD OF DIRECTORS RECOMMENDS
A VOTE “FOR” PROPOSAL 1, 2 and 3.
PROPOSAL 1: Trust Amendment
Proposal.
As an ordinary resolution, to
amend the Company’s investment management trust agreement, dated December 9, 2021, entered into by the Company and Wilmington Trust,
N.A., as trustee, as amended, to provide the Company with the discretion to extend the date on which to commence liquidating the trust
account established in connection with the Company’s initial public offering (the “Trust Account”) up to six (6) additional
times, each by a period of one month, from December 15, 2024 to June 15, 2025 by depositing into the Trust Account $35,000 for each one-month
extension. The Trust Amendment is attached to the accompanying proxy statement as Annex A.
| For |
|
Against |
|
Abstain |
| ☐ |
|
☐ |
|
☐ |
PROPOSAL 2: Charter Amendment
Proposal.
As a special resolution,
to amend the Company’s existing amended and restated memorandum and articles of association, to extend the date by which
the Company must consummate a business combination to June 15, 2025, by amending the amended and restated memorandum and articles of
association of the Company to delete the existing Section 36.2 thereof and replacing it with the new Section 36.2 in the form set forth
in Annex B of the accompanying proxy statement.
| For |
|
Against |
|
Abstain |
| ☐ |
|
☐ |
|
☐ |
PROPOSAL 3: Adjournment
Proposal.
As an ordinary resolution, to
direct the chairman of the Extraordinary General Meeting to adjourn the Extraordinary General Meeting to a later date or dates, if necessary,
to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of the Extraordinary General Meeting,
there are not sufficient votes to approve the Proposals 1 and 2.
| For |
|
Against |
|
Abstain |
| ☐ |
|
☐ |
|
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Please indicate if you intend to attend this Meeting
☐ YES ☐
NO
| Signature of Shareholder: |
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| Date: |
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| Name shares held in (Please print): |
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Account Number (if any): |
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| No. of Shares Entitled to Vote: |
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Stock Certificate Number(s): |
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| Note: |
Please sign exactly as your name or names appear in the Company’s stock transfer books. When shares are held jointly, each holder should sign. When signing as executor, administrator, attorney, trustee or guardian, please give full title as such. |
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If the signer is a corporation, please sign full corporate name by duly authorized officer, giving full title as such. |
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If the signer is a partnership, please sign in partnership name by authorized person. |
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Please provide any change of address information in the spaces below in order that we may update our records: |
Shareholder’s Signature
Shareholder’s Signature
Signature should agree with name printed hereon. If
stock is held in the name of more than one person, EACH joint owner should sign. Executors, administrators, trustees, guardians, and attorneys
should indicate the capacity in which they sign. Attorneys should submit powers of attorney.
PLEASE SIGN, DATE AND RETURN THE PROXY IN THE ENVELOPE
ENCLOSED TO VSTOCK TRANSER LLC. THIS PROXY WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION
IS MADE, THIS PROXY WILL BE VOTED “FOR” THE PROPOSALS SET FORTH IN PROPOSALS 1, 2 AND 3 AND WILL GRANT DISCRETIONARY AUTHORITY
TO VOTE UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE EXTRAORDINARY GENERAL MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.
THIS PROXY WILL REVOKE ALL PRIOR PROXIES SIGNED BY YOU.
PLEASE COMPLETE, DATE, SIGN AND RETURN PROMPTLY IN
THE ENCLOSED ENVELOPE.
Alpha Star Acquisition (NASDAQ:ALSAW)
Historical Stock Chart
From Dec 2024 to Jan 2025
Alpha Star Acquisition (NASDAQ:ALSAW)
Historical Stock Chart
From Jan 2024 to Jan 2025
