As previously reported, on September 22, 2022, Global Star Acquisition Inc. (the “Company”) completed its initial public offering (the “Offering”) of 9,200,000 units (“Units”), including the issuance of 1,200,000 Units as a result of the underwriter’s full exercise of its over-allotment option. Each Unit consists of one share of Class A common stock, par value $0.0001 per share (“Class A Common Stock”), one redeemable warrant (“Warrant”), each whole Warrant entitling the holder thereof to purchase one share of Class A Common Stock at an exercise price of $11.50 per share, and one Right, with each Right entitling the holder to receive one-tenth of one share of Class A Common Stock, pursuant to the Company’s registration statement on Form S-1 (File No. 333-266387). The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $92,000,000.
On September 22, 2022, simultaneously with the consummation of the closing of the Offering, the Company consummated the private placement of an aggregate of 456,225 units (the “Private Placement Units”) to the Sponsor, at a price of $10.00 per Private Placement Unit, generating total gross proceeds of $4,562,250 (the “Private Placement”). A total of $116,725,000, comprised of the proceeds from the Offering and the proceeds of the Private Placement, net of the underwriting commissions, discounts, and offering expenses, was deposited in a trust account established for the benefit of the Company’s public stockholders.
On November 9, 2022, the Company issued a press release, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K, announcing that the holders of the Units may elect to separately trade the shares of Class A Common Stock and the Warrants comprising the Units commencing on November 10, 2022. Those Units not separated will continue to trade on The Nasdaq Global Market under the symbol “LIBYU,” and the Class A Common Stock, Rights, and Warrants that are separated will trade on The Nasdaq Global Market under the symbols “GLST”, “GLSTR” and “GLSTW”, respectively,” respectively. Holders of Units will need to instruct their brokers to contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, to separate their Units into shares of Class A Common Stock and Warrants.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
