Global Star Acquisition Inc. (NASDAQ:GLSTU) (the "Company") today announced that it received a deficiency letter (the "Notice") on November 22, 2022 from the Listing Qualifications Department of The NASDAQ Stock Market LLC ("Nasdaq") stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule") because it had not timely filed its Third Quarter Financials on Form 10-Q for the period ended September 30, 2022 (the "Form 10-Q") with the SEC.
As previously disclosed in the Form 12b-25 and Form 12b-25/A, filed on November 11, 2022, and November 22, 2022, respectively by the Company with the Securities Exchange Commission (the "SEC"), the Company had determined that it was unable, without unreasonable effort or expense, to file its Form 10-Q, by the required due date of November 14, 2022 and November 21, 2022, respectively. The Company also announced that it expected to receive a letter from the Listing Qualifications Department of Nasdaq stating that the Company is not in compliance with the listing rule because it had not timely filed the Form 10-Q with the SEC. The Listing Rule requires listed companies to timely file all required periodic financial reports with the SEC.
In connection with the foregoing, on November 22, 2022, the Company received such letter from NASDAQ.
The Company intends to file the Form 10-Q and regain compliance prior to January 23, 2023.