UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 8.01. | Other Events. |
As previously reported, on September 22, 2022, Global Star Acquisition Inc. (the “Company”) completed its initial public offering (the “Offering”) of 9,200,000 units (“Units”), including the issuance of 1,200,000 Units as a result of the underwriter’s full exercise of its over-allotment option. Each Unit consists of one share of Class A common stock, par value $0.0001 per share (“Class A Common Stock”), one redeemable warrant (“Warrant”), each whole Warrant entitling the holder thereof to purchase one share of Class A Common Stock at an exercise price of $11.50 per share, and one Right, with each Right entitling the holder to receive one-tenth of one share of Class A Common Stock, pursuant to the Company’s registration statement on Form S-1 (File No. 333-266387). The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $92,000,000.
On September 22, 2022, simultaneously with the consummation of the closing of the Offering, the Company consummated the private placement of an aggregate of 456,225 units (the “Private Placement Units”) to the Sponsor, at a price of $10.00 per Private Placement Unit, generating total gross proceeds of $4,562,250 (the “Private Placement”). A total of $116,725,000, comprised of the proceeds from the Offering and the proceeds of the Private Placement, net of the underwriting commissions, discounts, and offering expenses, was deposited in a trust account established for the benefit of the Company’s public stockholders.
On November 9, 2022, the Company issued a press release, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K, announcing that the holders of the Units may elect to separately trade the shares of Class A Common Stock and the Warrants comprising the Units commencing on November 10, 2022. Those Units not separated will continue to trade on The Nasdaq Global Market under the symbol “LIBYU,” and the Class A Common Stock, Rights, and Warrants that are separated will trade on The Nasdaq Global Market under the symbols “GLST”, “GLSTR” and “GLSTW”, respectively,” respectively. Holders of Units will need to instruct their brokers to contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, to separate their Units into shares of Class A Common Stock and Warrants.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit |
Description | |
| 99.1 | Press Release, dated as November 9, 2022 | |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GLOBAL STAR ACQUISITION INC. | ||||||
| Date: November 9, 2022 | By: | /s/ Anthony Ang | ||||
| Anthony Ang | ||||||
| Chief Executive Officer | ||||||
Exhibit 99.1
Global Star Acquisition, Inc. Announces the Separate Trading of Its
Class A Common Stock, Rights, and Warrants
MCLEAN, VA, November 9, 2022 – Global Star Acquisition, Inc. (Nasdaq: GLSTU) (the “Company”), 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, today announced that holders of the units sold in the Company’s initial public offering of 8,000,000 units completed on September 22, 2022, may elect to separately trade the shares of Class A common stock, rights, and warrants included in the units commencing on or about November 10, 2022. Holders of units will need to have their broker contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into shares of Class A common stock, rights, and warrants. Those units not separated will continue to trade on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “GLSTU,” and the Class A common stock, rights, and warrants that are separated will trade on Nasdaq under the symbols “GLST”, “GLSTR” and “GLSTW”, respectively.
The securities described above were offered by the Company pursuant to a registration statement on Form S-1 (File No. 333-266387) that was originally filed with the Securities and Exchange Commission (“SEC”) and declared effective on September 19, 2022. The offering was made only by means of a prospectus, copies of which 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, or by visiting EDGAR on the SEC’s website at www.sec.gov.
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.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. 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 preliminary 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 208
Mclean, VA 22102
Anthony Ang
Chairman and Chief Executive Officer
anthonyang@gcic.com.sg
(703) 790-0717
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