Alpha Star Acquisition, a blank check company targeting businesses with a connection to the Asian market, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, one right to receive one-seventh 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.
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. It will not target businesses in China.
Alpha Star Acquisition plans to list on the Nasdaq under the symbol ALSAU. Ladenburg Thalmann acted as the sole bookrunner on the deal.
