New York, NY, Oct. 04, 2024 (GLOBE NEWSWIRE) -- Alpha Star Acquisition Corporation. (Nasdaq: ALSA) (the "Company”) announced that it has received a letter (the "Letter”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq”) indicating that the Company is currently not in compliance with the minimum Market Value of Listed Securities ("MVLS”) set forth in the Nasdaq Listing Rules for continued listing on the Nasdaq Global Market (the "MVLS Requirement”). Nasdaq Listing Rule 5450(b)(2)(A) requires companies to maintain a minimum MVLS of US$50,000,000 and Nasdaq Listing Rule 5810(c)(3)(C) provides that a failure to meet the MVLS requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the MVLS of the Company from August 12, 2024 to September 30, 2024, the Company no longer meets the minimum MVLS requirement. This notification does not impact the listing and trading of the Company's securities at this time.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(C), the Company has been provided a compliance period of 180 calendar days, or until March 31, 2025, to regain compliance with the Rule. To regain compliance, the Company's MVLS must meet or exceed $50,000,000 for a minimum of ten consecutive business days prior to March 31, 2025. If at any time during this compliance period the Company's MVLS closes at $50,000,000 or more for a minimum of ten consecutive business days, Nasdaq will provide the Company with written confirmation of compliance and the matter will be closed.
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