In a recent SEC filing, Metal Sky Star Acquisition Corp (NASDAQ:MSSA), a company established as a blank check entity, announced its intention to extend the period allowed to secure an initial business combination.
On Monday, the company disclosed a deposit of $50,000 into the trust account for its public shareholders, following a similar deposit made earlier on August 8, 2024. This action precedes an extraordinary general meeting, the date of which is yet to be determined, where shareholders will have the opportunity to redeem their shares.
The Cayman Islands-based company has also responded to a delisting notice from The Nasdaq Stock Market by requesting a hearing set for September 19, 2024. This notice was issued due to MSSA's non-compliance with Nasdaq's rules requiring a business combination within 36 months of an IPO and timely filing of periodic financial reports.
Metal Sky Star has since filed its annual report for the fiscal year ending December 31, 2023, on August 30, 2024, and is working to file its quarterly reports promptly.
This information is based on a press release statement filed with the SEC.
InvestingPro Insights
In light of Metal Sky Star Acquisition Corp's (NASDAQ:MSSA) recent activities, potential investors and current shareholders may find additional context from InvestingPro useful. According to real-time data, MSSA has a market capitalization of $72.47 million and is trading near its 52-week high, with the price at 90.71% of this peak. The company's P/E ratio stands at a moderate 16.84, but it has been higher over the last twelve months, at 32.28, reflecting a variance in earnings or investor expectations.
InvestingPro Tips reveal that MSSA's stock generally trades with low price volatility, which could appeal to investors seeking a more stable investment in the blank check company space. Additionally, the company has been profitable over the last twelve months, which is a positive sign in the context of its search for a business combination. For investors looking for more depth, there are additional InvestingPro Tips available that provide further insights into MSSA's financial health and market behavior.
These metrics and tips are particularly relevant as they provide a snapshot of the company's current financial status and stock behavior, which are crucial considerations for shareholders facing a decision at the upcoming extraordinary general meeting. With MSSA's efforts to comply with Nasdaq's requirements and the potential for a business combination on the horizon, these InvestingPro Insights can help investors make more informed decisions.
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