Alpha Star Acquisition to Merge with Estonian Fintech Startup

Alpha Star Acquisition (ALSA) shares rose nearly 1% in recent Friday trading after the blank check company disclosed the signing of a business merger contract on Thursday, which stipulates that Alpha Star will merge with OU Xdata Group.

The transaction will be structured as a reverse merger, with Xdata the surviving company and trading on the Nasdaq Global Market under a new ticker symbol to be determined at a later date.

The deal is expected to close before the end of the year, subject to regulatory and shareholder approvals and other customary closing conditions, Alpha Star said.

Price: 11.60, Change: +0.09, Percent Change: +0.78