Global Star Acquisition Inc. Reports Results of Special Meeting of Stockholders

On February 3, 2025, Global Star Acquisition Inc. (NASDAQ: GLST) held a special meeting of its stockholders to vote on several proposals. The meeting, conducted at 9:30 a.m. Eastern Time, included discussions and resolutions related to significant corporate matters. Global Star Acquisition Inc., a Delaware corporation, had a total of 3,214,100 ordinary shares outstanding and eligible to vote at the Special Meeting as of the record date of December 13, 2024.

Among the key Proposals presented were:

Proposal No. 1 – Reincorporation Merger: Stockholders voted to adopt and approve the Merger Agreement involving Global Star, K Enter Holdings Inc., K Wave Media Ltd., and GLST Merger Sub, Inc. This merger aims to effect Global Star’s initial business combination, resulting in Global Star’s domicile transitioning from a Delaware corporation to a Cayman Islands exempted company.

Proposal No. 2 – Acquisition Merger: Stockholders approved the subsequent merger as outlined in the Merger Agreement, facilitating the acquisition of K Enter by PubCo through its Merger Sub. Post-merger, K Enter will function as a wholly-owned subsidiary of PubCo.

Proposal No. 3 – Governance Proposal: Stockholders voted on multiple governance aspects entailing changes due to the Reincorporation Merger, modifications in authorized shares, forum selection provisions, and adjustments to corporate takeovers by interested shareholders.

Proposal No. 4 – Election of Directors of PubCo Proposal: Stockholders supported the appointment of Pyeung Ho Choi, Young Jae Lee, Tan Chin Hwee, Ted Kim, Han Jae Kim, Hyung Seok Cho, and Tae Woo Kim to serve on PubCo’s Board of Directors.

Proposal No. 5 – Pubco 2023 Equity Incentive Plan Proposal: Stockholders also considered and approved PubCo’s 2023 Equity Incentive Plan during the meeting.

The total count of proxies received for these votes was 3,202,211, representing approximately 97.21% of the issued and outstanding shares eligible to vote at the Special Meeting, thus fulfilling the quorum requirements.

Moreover, it was noted that holders of 340,832 Class A ordinary shares of Global Star exercised their redemption rights at $11.45 per share. This exercise resulted in approximately $3,902,526.40 being paid out for the redeemed shares. Following these redemptions, Global Star will have 2,873,268 Class A ordinary shares outstanding, with the remaining balance in the Trust Account estimated to be around $4,388,495.69. Global Star holds the option but is not obligated to accept further redemption reversals until the Business Combination closes.

Global Star Acquisition Inc. is a growing entity and will continue to engage in these strategic transactions to enhance its corporate structure and market position.

The details shared above have been sourced from the Form 8-K filing submitted by Global Star Acquisition Inc. to the Securities and Exchange Commission. For further information, readers are encouraged to refer directly to the complete filing on the SEC’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Global Star Acquisition’s 8K filing here.

Global Star Acquisition Company Profile

Global Star Acquisition, Inc does not have significant operations. It focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company was incorporated in 2019 and is based in McLean, Virginia.