Global Star Acquisition, Inc. Announces Closing of Full Over-Allotment Option in Initial Public Offering
05 October 2022 - 7:00AM
via NewMediaWire -- Global Star Acquisition, Inc. (NASDAQ: GLSTU)
(the “Company”) announced today that it has issued an additional
1,200,000 units consisting of one share of Class A common stock,
one redeemable warrant, and one right to receive one-tenth (1/10)
of one share of Class A common stock, at the public offering price
of $10.00 per share, for total gross proceeds of approximately $12
million, pursuant to the exercise in full of the underwriters’
over-allotment option in connection with the company’s previously
announced public offering. After giving effect to the full exercise
of the over-allotment option, the total number of units issued by
the Company in the public offering was 9,200,000 units and gross
proceeds were approximately $92 million.
EF Hutton, division of Benchmark Investments,
LLC served as sole book-running manager for the Offering.
The units were issued by the Company pursuant to a registration
statement that was previously filed with the Securities and
Exchange Commission (“SEC”). A prospectus supplement relating to,
and describing the terms of, the offering has been filed with the
SEC and is available on the SEC’s web site at www.sec.gov.
The offering was made only by means of a
prospectus. Copies of the prospectus may be obtained from EF
Hutton, division of Benchmark Investments LLC, 590 Madison Ave.,
39th Floor, New York, NY 10022, Attention: Syndicate Department, or
via email at syndicate@efhuttongroup.com or telephone at
(212) 404-7002.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Global Star Acquisition, Inc.
The Company is a blank check company formed for
the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses. It has not selected any
specific business combination target and has not, nor has anyone on
its behalf, initiated any substantive discussions, directly or
indirectly, with any business combination target. While the Company
may pursue an initial business combination target in any business
or industry, it intends to focus its search on financial technology
(“Fintech”) and property technology (“Proptech”) businesses that
offer technology solutions, software, services or products to the
financial services or real estate industries. The Company intends
to initially prioritize the Nordic region and Asia Pacific,
especially Southeast Asia as its geographical focus. The Company is
led by Anthony Ang, the Company’s Chairman and Chief Executive
Officer, Nicholas Khoo, the Company’s Chief Operating Officer, and
Shan Cui, the Company’s Chief Financial Officer.
Forward-Looking Statements
This press release contains statements that
constitute "forward-looking statements," including with respect to
the Company's initial public offering and the anticipated use of
the net proceeds thereof. Forward-looking statements are subject to
numerous conditions, many of which are beyond the control of the
Company, including those set forth in the Risk Factors section of
the Company's registration statement and final prospectus for the
offering filed with the SEC. Copies are available on the SEC's
website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
Contact
Global Star Acquisition, Inc.1641 International Drive Unit
208Mclean, VA 22102
Anthony AngChairman and Chief Executive Officer
anthonyang@gcic.com.sg(703) 790-0717
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