Alpha Star Acquisition Corporation is a special purpose acquisition company (SPAC) incorporated in the Cayman Islands with no operating business. Alpha Star raised $115M in its IPO in December 2021, placing the proceeds in a trust account, and has since been searching for a private company to merge with and take public. Alpha Star has a pending deal to merge with OU XDATA GROUP, an Estonia-incorporated company, at a pre-deal valuation of $180M. Under the deal structure, a new Cayman Islands holding company will be created, Alpha Star will merge into it, and XDATA will become a wholly owned subsidiary. The combined entity will seek a Nasdaq listing. Shareholders approved the deal in May 2025, but the transaction has not yet closed, with a deadline of December 15, 2026. The deal has had a long timeline, with multiple extension votes since 2023 and significant shareholder redemptions along the way — over 11.4M public shares have been redeemed, substantially reducing the cash in trust. Alpha Star's sponsor, A-Star Management Corporation, is controlled by Alpha Star's CEO, a PRC citizen, which limits Alpha Star to pursuing non-U.S. targets due to CFIUS considerations. Alpha Star has no revenue and has generated losses since inception.