Alpha Star Acquisition, a blank check company targeting businesses with a connection to the Asian market, filed on Tuesday with the SEC to raise up to $100 million.
The New York, NY-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one warrant to purchase one-half of a share, exercisable at $11.50. At the proposed deal size, Alpha Star Acquisition would command a market value of $128 million.
The company is led by CEO and Chairman Zhe Zhang, a Founding Partner of asset manager SIFT Capital and the CEO of Still Waters Green Technology. The company plans to target businesses that have a connection to the Asian market, focusing on those with enterprise values between $300 million and $600 million.
Alpha Star Acquisition was founded in 2021 and plans to list on the Nasdaq, but has not selected a symbol yet (RC ticker: STARU.RC). Ladenburg Thalmann is the sole bookrunner on the deal.
