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.


A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...
Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...