Global Star SPAC extends deadline to June 2025; 66% of public shares redeemed for $8.6M

Global Star Acquisition Inc.

Stockholders approved charter amendment to extend business combination deadline from Dec 22, 2024 to June 22, 2025.
Monthly extension fee reduced to lesser of $60,000 or $0.02 per un-redeemed public share.
756,131 shares redeemed at ~$11.39/share, removing ~$8.6M from trust account.
Post-redemption, only 380,875 Class A common shares remain outstanding.
Trust agreement amended to allow up to six one-month extensions through June 2025.

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 0.9

Global Star Acquisition Inc.: Approved Charter Amendment to extend the business combination deadline from December 22, 2024 to June 22, 2025, and decrease the monthly extension fee (effective 2024-12-22).

Change: charter amendment
Effective: 2024-12-22

Exact text from the filing

At the Meeting, the Company’s stockholders approved the Charter Amendment, which extends the date by which the Company must consummate its initial business combination from December 22, 2024 to June 22, 2025, subject to the approval of the Board of Directors of the Company (the “Board”), provided the sponsor or its designees deposit into the trust account the lesser of: (i) $60,000 or (ii) $0.02 per share for each public share that is not redeemed in connection with the Meeting, prior to the commencement of each extension period (the “ Extension ”).

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Source: SEC EDGAR

accession 0001829126-24-007978

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