Metal Sky Star Acquisition Corp (MSSAF), a Cayman Islands-based SPAC that raised $115 million in its April 2022 IPO, has not completed a business combination. The company was delisted from Nasdaq in April 2025 after missing the 36-month deadline and now trades OTC. It faces significant accumulated and working capital deficits, relying on sponsor loans and multiple deadline extensions while pursuing acquisition targets valued between $300 million and $600 million. Failure to complete a business combination by January 2027 will trigger mandatory liquidation.