Recent news primarily covers commodity price movements in sugar, soybeans, cocoa, coffee, cotton, and wheat markets, which are not directly related to Alpha Star Acquisition Corp’s business activities.

• Signs of weak European sugar production are supporting sugar prices [N1].
• Soybeans are participating in a broader grain rally [N2].
• Sugar prices are mixed due to reduced output in France and smaller Indian sugar imports [N3].
• Cocoa prices are pressured by abundant supplies [N4].
• Coffee prices have declined due to expectations of larger Brazil coffee supplies [N5].
• Cotton is showing modest strength [N6].
• Easing supply fears are weighing on cocoa prices [N7].
• Wheat prices are rallying to new highs amid geopolitical escalation involving Russia [N8].

The company’s business combination with OU XDATA GROUP could create value if the combined entity successfully executes its business plan and gains market acceptance. The trust account structure and multiple shareholder-approved deadline extensions demonstrate governance and shareholder engagement. The company’s ability to complete the transaction and transition to a publicly traded operating company could unlock operational and financial transparency.

Failure to consummate the business combination by the extended deadline would trigger liquidation and dissolution, resulting in return of trust account funds less expenses. The company currently has a working capital deficit and no operating revenue, which may constrain its ability to fund operations or transaction costs. Regulatory, shareholder, or other closing conditions may delay or prevent the business combination. The company’s securities trade on the OTCID Basic Market, which may limit liquidity and investor interest prior to the business combination.

As a special purpose acquisition company (SPAC), Alpha Star Acquisition Corp’s moat is primarily its ability to identify and complete a business combination with a target company. Its moat depends on the quality of the target, the terms of the transaction, and the ability to secure shareholder and regulatory approvals. The company’s trust account structure provides some capital protection to shareholders prior to the business combination. However, as a blank check company, it currently has no operating business or revenue, limiting intrinsic competitive advantages until the business combination is consummated.

• Business Combination Completion Risk: The company’s ability to complete the business combination with OU XDATA GROUP is subject to multiple conditions including shareholder approvals, regulatory approvals, and absence of legal prohibitions. Failure to meet these conditions could prevent or delay the transaction.
• Liquidity and Working Capital Risk: As of June 30, 2026, the company had a working capital deficit and minimal cash on hand, which may limit its ability to fund ongoing operations or transaction-related expenses.
• Market and Regulatory Risks: The company’s securities trade on the OTCID Basic Market, which may have limited liquidity. Regulatory changes or market conditions could impact the company’s ability to complete the business combination or operate post-transaction.

• Alpha Star Acquisition Corporation is a blank check company incorporated on March 11, 2021, as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
• The company completed its initial public offering on December 15, 2021, selling 11,500,000 units at $10.00 each, generating gross proceeds of $115 million, plus a private placement of 330,000 units to its sponsor for $3.3 million.
• Proceeds from the IPO and private placement were placed in a U.S.-based trust account, which will not be released until the earliest of completion of the initial business combination, redemption of public shares in certain circumstances, or liquidation if the business combination is not completed by December 15, 2026.
• The company has extended the deadline to consummate a business combination multiple times, most recently to December 15, 2026, with shareholder approvals and associated share redemptions.
• Alpha Star is in the process of consummating a business combination with OU XDATA GROUP, an Estonian company, with a pre-transaction valuation of $180 million.
• The business combination involves a merger and share exchange resulting in XDATA becoming a wholly owned subsidiary of a newly incorporated Cayman Islands company (PubCo).
• The business combination is subject to customary closing conditions including shareholder approvals, regulatory approvals, and absence of legal prohibitions.
• Alpha Star has no revenue and has incurred losses since inception and since its IPO.
• As of June 30, 2026, the company had a working capital deficit of approximately $2 million and a net loss of $142,258 for the quarter ending June 30, 2026.
• The company’s liquidity as of June 30, 2026, includes $0 cash and cash equivalents, $99.4 million in short-term investments (as of September 30, 2023), current assets of $34,335, and current liabilities of $2,477,128, resulting in a current ratio of 0.01 and a cash ratio of 40.11.
• Alpha Star’s units, ordinary shares, rights, and warrants are quoted on the OTCID Basic Market under the symbols ALSUF, ALSAF, ALSTF, and ALSWF respectively.
• Recent news coverage relates primarily to commodity price movements in sugar, soybeans, cocoa, coffee, cotton, and wheat markets, which are not directly related to Alpha Star’s business.
• No material changes to risk factors were reported in the latest quarterly filing compared to the prior annual report.