Metal Sky Star Acquisition Corporation (MSSA) is a SPAC — a blank check company with no operations, revenue, or products. Metal Sky Star raised $115M in its April 2022 IPO and has been searching for a private company to acquire and take public. The company has not completed a deal; a merger agreement with Future Dao Group signed in April 2023 was terminated in October 2023. Metal Sky Star has repeatedly extended its deadline to complete a deal, currently set to January 5, 2027, and was delisted from Nasdaq in April 2025 for failing to complete a deal within Nasdaq's 36-month SPAC rule — its securities now trade OTC. Metal Sky Star targets middle-market businesses with enterprise values between $300M and $600M, focusing on growth companies with strong management and free cash flow potential. The company amended its charter in December 2023 to explicitly allow acquisitions of China-based businesses, including those using variable interest entity (VIE) structures, reflecting the management team's ties to China and the UK. IPO proceeds are held in trust at Wilmington Trust until a deal closes or the company liquidates. The sponsor, M-Star Management Corp., controlled by CEO Wenxi He, funded the IPO alongside private placement units and has been funding monthly trust extensions, with its economics entirely dependent on closing a deal.