Global Star Acquisition is a SPAC — a blank check company with no operations, products, or revenue. Global Star raised roughly $92M in its IPO in late 2022, placing the proceeds in a trust account. The SPAC's sole purpose is to merge with a private company, taking it public. Global Star's proposed target is K Enter Holdings, a Korean entertainment and media company; a completed deal would result in a combined public entity named K Wave Media. The sponsor, Global Star Acquisition 1 LLC, acquired founder shares at a nominal cost that would convert into a meaningful ownership stake in the combined company upon deal close — the sponsor's primary economic incentive. However, the deal has faced repeated delays, with the closing deadline extended four times to June 22, 2025, and the original merger consideration reduced from $610M to $590M. The trust has been nearly depleted by shareholder redemptions across three special meetings, with roughly $96M withdrawn, leaving only about 381,000 Class A shares outstanding. Nasdaq delisted Global Star's securities in March 2025 after the company failed to meet minimum listing standards. With minimal capital remaining and no active listing, the path to completing the K Enter merger faces significant obstacles.