SPACInsider Logo
Alpha Star Acquisition Corp. (ALSA) Signs LOI
Alpha Star Acquisition Corp. (ALSA) Signs LOI
by Marlena Haddad on 2022-09-13 at 5:05pm

Alpha Star Acquisition Corp. (NASDAQ:ALSA) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with global payments and SaaS provider Cyclebit Group.

Founded in 2012, Cyclebit builds technology across the payments sector including card acquiring, point-of-sale services and marketplace solutions. The Stockholm, Sweden-based payment provider operates a number of brands and solutions, that are focused on solving a specific market need for banks, telco, retail, and distribution customers. It generated $39.3 million in revenue in 2021, but expects to bring in $53.6 million for 2022.

Alpha Star kept the details pertaining to the potential merger to a minimum, but disclosed that Cyclebit’s existing equityholders will roll 100% of their equity into the combined public company. The SPAC expects to announce further details on the business combination once a definitive agreement is signed, which is expected to occur the fourth quarter of 2022.

Alpha Star announced the pricing of its $100 million IPO last year on December 13, 2021, and had originally intended to focus on middle-market growth businesses that have a connection to the Asian markets with a total enterprise value between $300 million and $600 million. Alpha Star is led by Chairman and CEO Zhe Zhang, and CFO Goujian Chen.

This LOI comes days before its deadline on September 15, 2022. The SPAC initially had 9 months to find a business combination, but has the ability to extend for an additional 12 months. Since this deal is not at the “definitive agreement” stage, and is still at the non-binding LOI stage, SPACInsider will not consider this deal “announced”. As such, it will remain in the “Searching” category until a definitive agreement is signed.



Recent Posts
by Kristi Marvin on 2022-11-28 at 8:27pm

Considerations for Creating Shareholder Value in a Volatile Market   Join us for a virtual panel on December 14, 2022 The current trends of rising interest rates and inflationary cost increases, among other things, have imposed downward pressures on publicly traded equity prices, especially for businesses that became publicly traded via a de-SPAC merger. Please...

by Marlena Haddad on 2022-11-28 at 12:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  Virgin Galactic appoints new top lawyer, Trump Media SPAC rises after investors approve merger deadline extension, and Al Maadeed to be first Qatari to list company on NYSE Virgin Galactic, Preparing for Liftoff,...

by Nicholas Alan Clayton on 2022-11-25 at 2:31pm

PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet. The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices. PMV Consumer will then...

by Marlena Haddad on 2022-11-25 at 11:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Ex-Marvel chief takes the wheel at Arrival, Paysafe plans reverse stock split, and Dave Inc. to pursue a bank charter Founder of troubled electric van maker Arrival steps aside as CEO The founder...

by Nicholas Alan Clayton on 2022-11-25 at 7:31am

Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023. This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November....

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved