8-K
filed August 28, 2023, 7:59 PM ET
CIK 0001922331
other material
confidence high
sentiment negative
materiality 0.75
Global Star Acquisition stockholders approve extension to June 2024; $42.8M redeemed from trust
Global Star Acquisition Inc.
- Stockholders approved extension of business combination deadline from Sep 22, 2023 to Jun 22, 2024, with monthly $125,000 deposit.
- 4,052,066 shares redeemed at ~$10.55/share, removing ~$42.75M from trust account.
- Remaining Class A shares outstanding are 5,147,934 after redemptions.
- Charter amendment also removes net tangible asset redemption limitation (previously $5M minimum).
- Company intends to use additional time to complete merger with K Enter Holdings Inc.
Key facts
Extracted from this filing and checked against the source text.
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.95
Global Star Acquisition Inc.: Stockholders approved charter amendment eliminating the limitation that the Company shall not redeem public shares to the extent such redemption would cause net tangible assets to be less than $5,000,001 (effective 2023-08-28).
- Change
- charter amendment
- Effective
- 2023-08-28
Exact text from the filing
Also at the Meeting, the Company’s stockholders approved the Charter Amendment to eliminate from the Articles the limitation that the Company shall not redeem Public Shares to the extent that such redemption would cause the Company’s net tangible assets to be less than $5,000,001 (the “ Redemption Limitation Amendment Proposal ”).
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Global Star Acquisition Inc. shareholders approved Approval of Charter Amendment to eliminate net tangible assets redemption limitation.
- Proposal
- charter amendment
- Outcome
- passed
Exact text from the filing
the Company’s stockholders approved the Charter Amendment to eliminate from the Articles the limitation that the Company shall not redeem Public Shares to the extent that such redemption would cause the Company’s net tangible assets to be less than $5,000,001 (the “ Redemption Limitation Amendment Proposal ”). The final voting results for the Redemption Limitation Amendment Proposal were as follows: For Against Abstain 8,876,491 528,750 0
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Global Star Acquisition Inc. shareholders approved Approval of Charter Amendment to extend business combination deadline and decrease monthly extension fee at the 2023-09-22 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2023-09-22
Exact text from the filing
The Company’s stockholders approved the Charter Amendment (a) to extend the date by which we have to consummate a business combination from September 22, 2023, to June 22, 2024, or such earlier date as determined by the Board, and (b) to decrease the monthly extension fee to $125,000 for each one-month extension up to a maximum of $1,125,000 for a total of nine one-month extensions until June 22, 2024 (the “ Extension Amendment Proposal ”). The final voting results for the Extension Amendment Proposal were as follows: For Against Abstain 8,876,491 528,750 0
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Global Star Acquisition Inc. shareholders approved Approval to amend Trust Agreement to extend business combination period and update defined terms at the 2023-09-22 meeting.
- Proposal
- merger approval
- Outcome
- passed
- Meeting
- 2023-09-22
Exact text from the filing
the Company’s stockholders approved the proposal to amend the Company’s Trust Agreement, allowing the Company to extend the business combination period from September 22, 2023 to June 22, 2024, by depositing into the Trust Account $125,000 for each such one-month extension commencing on September 22, 2023 until June 22, 2024, unless the closing of the business combination shall have occurred, and updating certain defined terms in the Trust Agreement (the “ Trust Agreement Proposal ”). The final voting results for the Trust Agreement Proposal were as follows: For Against Abstain 8,876,491 528,750 0
View on SEC.gov
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