Global Star Acquisition Faces Potential Delisting After Failing to Regain Nasdaq Compliance

Global Star Acquisition Inc. (NASDAQ: GLST) received notice from Nasdaq on February 19, 2025, indicating that the company did not meet the Market Value of Listed Securities (MVLS) requirement necessary for continued listing on The Nasdaq Global Market. The notice followed a deficiency letter dated August 19, 2024, which informed the company that its MVLS had fallen below the required $50 million threshold during the period from July 5, 2024 to August 14, 2024.

According to Nasdaq Listing Rule 5450(b)(2)(A), companies must maintain an MVLS of at least $50 million. The company was granted a 180-day compliance window—ending on February 17, 2025—to achieve a closing MVLS of at least $50 million for ten consecutive business days. In addition to the MVLS requirement, Nasdaq also noted that Global Star Acquisition had not met the continued listing criteria under the Equity Standard (Listing Rule 5450(b)(1)) and the Total Assets/Total Revenue Standard (Listing Rule 5450(b)(3)).

The SEC filing states that the company will present its views before a Hearings Panel on March 11, 2025 regarding the noncompliance with Nasdaq rules, including the additional deficiency noted in the MVLS requirement. Global Star Acquisition indicated it would employ all available measures to work towards regaining compliance with the listing criteria; however, there is no assurance that the company will succeed in its efforts.

The filing also contains cautionary language regarding forward-looking statements, addressing uncertainties related to the company’s ability to regain compliance with Nasdaq standards and the outcome of its upcoming hearing. Further details on the risks and uncertainties that could affect the company’s future performance can be found in its previous filings with the Securities and Exchange Commission.

This development marks a significant challenge for Global Star Acquisition as it navigates the regulatory requirements necessary to maintain its listing on Nasdaq.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Global Star Acquisition’s 8K filing here.

Global Star Acquisition Company Profile

Global Star Acquisition, Inc does not have significant operations. It focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company was incorporated in 2019 and is based in McLean, Virginia.