Alpha Star Acquisition Corp, a Cayman Islands-based SPAC targeting middle-market Asian growth sectors, disclosed a severe working capital deficit as of March 31, 2026, highlighting acute near-term liquidity risks. The SPAC is progressing toward a business combination with OU XDATA GROUP, an Estonian technology company, marking a crucial transition from a blank check entity to an operating company. Despite raising $115 million gross proceeds at IPO plus a $3.3 million private placement, trust account funds have substantially diminished due to shareholder redemptions and operational costs. Sponsor loans and financing arrangements are essential to sustain operations pending deal closing, underscoring the importance of consummating the merger before mandated deadlines.