Alpha Star Acquisition Corp (OTC: ALSAF) is a blank-check special purpose acquisition company that completed its initial public offering on December 15, 2021, raising $115,000,000 in proceeds held in a U.S.-based trust account at Wilmington Trust, National Association. The company generates no operating revenue. Its sole purpose is to identify and consummate an initial business combination with a target company. As of the 10-K filed March 20, 2026, Alpha Star had entered into a Business Combination Agreement dated September 12, 2024 with OU XDATA GROUP, with a supplemental agreement signed December 15, 2024. The combined entity is expected to list PubCo Ordinary Shares on Nasdaq upon closing. Transaction costs related to the IPO totaled $5,669,696, including $2,300,000 in underwriting fees and $2,875,000 in deferred underwriting fees. No cash dividends have been paid on ordinary shares, and the board does not anticipate declaring any prior to completion of a business combination.

Revenue model

Alpha Star has no revenue-generating operations. IPO proceeds of $115,000,000 were placed in trust and are held until completion of a business combination, shareholder-approved amendment of the articles, or liquidation. Interest earned in the trust account may be released to cover tax obligations.

Products and services

The company offers no commercial products or services. Its sole activity is sourcing, evaluating, and completing an initial business combination. The pending transaction involves OU XDATA GROUP, with the combined entity to be listed on Nasdaq as PubCo.

Value-chain role

Alpha Star functions as a SPAC shell vehicle, pooling public capital in trust to finance a merger or acquisition with a private operating company. It serves as the acquisition conduit, with the target company gaining public-market access through the business combination.

Geographic exposure

Alpha Star is incorporated outside the United States (state of incorporation not specified in available excerpts) and has pursued targets with operations outside the United States. The pending combination with OU XDATA GROUP involves cross-border regulatory and due diligence considerations.

Source: SEC 10-K, filed 2026-03-20

Industry: Services-Prepackaged Software