Metal Sky Star Acquisition Corporation, a blank check company incorporated in the Cayman Islands, reported a working capital deficit of $4.3 million as of December 31, 2024, compared to a deficit of $2.8 million in the previous year. The company has not generated any revenue since its inception, with its financial activities primarily focused on identifying potential acquisition targets. For the year ended December 31, 2024, Metal Sky recorded a net income of $923,146, down from $2.15 million in 2023, largely due to a decrease in interest income from marketable securities held in trust, which fell to $1.69 million from $2.79 million.
Significant operational changes included the termination of a merger agreement with Future Dao Group Holding Limited on October 6, 2023, which had initially been set to close by the end of 2023. Following this, the company has been actively seeking new acquisition opportunities, including a non-binding letter of intent with Okidoki OÜ, a major Estonian classifieds platform, and another with Fedilco Group Limited, a Cyprus-based telecom company. These developments reflect Metal Sky's ongoing strategy to identify and evaluate suitable business combinations.
As of December 31, 2024, the company had 3,205,000 ordinary shares outstanding, with 552,451 shares subject to possible redemption at a redemption value of $12.09 per share. The total assets held in trust amounted to $6.68 million, a significant decrease from $35.36 million in the previous year, primarily due to redemptions by shareholders. The company has also extended the deadline for completing a business combination multiple times, with the latest extension allowing until April 5, 2025, and a proposal to extend it further to January 5, 2026, pending shareholder approval.
Looking ahead, Metal Sky's management has expressed concerns regarding its ability to continue as a going concern, given its accumulated deficit and the need for additional capital to fund operations and potential business combinations. The company plans to rely on loans from its sponsor or affiliates to meet its working capital needs. The management's ability to successfully identify and complete a business combination remains uncertain, and failure to do so could lead to mandatory liquidation and dissolution of the company.
About Metal Sky Star Acquisition Corp
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