Alpha Star Acquisition Corporation Signs Letter of Intent for Business Combination

NEW YORK, September 13, 2022 (GLOBE NEWSWIRE) — Alpha Star Acquisition Company (the “Company”) announced today that it has entered into a non-binding letter of intent (“LOI”) for a business combination with Cycle bit group (the “Cyclebit”). Founded in 2012, Cyclebit is a global payments and SaaS provider. Its main products include card acquiring, point-of-sale (POS) services and marketplace solutions.

Under the terms of the letter of intent, the company and Cyclebit would become a combined entity, with existing Cyclebit shareholders transferring 100% of their equity into the combined public company. The Company expects to announce additional details regarding the proposed business combination when a definitive agreement is signed, which is expected in the fourth quarter of 2022.

No assurance can be given that the parties will successfully negotiate and enter into a definitive agreement, or that the proposed transaction will be completed on the terms or schedule currently contemplated, or at all. Any transaction would be subject to approval by the board of directors and shareholders of both companies, regulatory approvals and other customary conditions.


The Company is a blank check company incorporated in Cayman Islands exempt company incorporated for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Although the Company may pursue an acquisition opportunity in any industry or sector, the Company intends to focus on companies that have a connection to the Asian market.


If a legally binding definitive agreement regarding the proposed business combination is signed, the Company intends to file a preliminary proxy statement (a “Transaction Proxy Statement”) with the US securities and Exchange Commission’s (the “SEC”). A definitive proxy statement will be mailed to shareholders of the Company on a record date to be set for voting on the proposed transaction. Shareholders may also obtain a copy of the Deal Proxy Statement, free of charge, by sending a request to: Alpha Star Acquisition Company, 80 wide street5e Floor, New York, NY 10004. Preliminary and final Deal Proxy Statements, when available, may also be obtained, free of charge, at the SEC’s website,

This communication may be considered an offer or solicitation document relating to the proposed transaction, which will be submitted to the shareholders of the Company for their consideration. The Company urges investors, shareholders and other interested persons to read carefully, when available, the preliminary and definitive proxy statement and other documents filed with the SECOND (including any amendments or supplements to the Deal Proxy Statement, if any), in each case, before making any investment or voting decision with respect to the proposed transaction, as such materials will contain important information about the Company, the Cyclebit and the transaction project.


The Company and its directors, officers, other officers and employees may be considered participants in the solicitation of proxies with respect to the potential transaction described herein under the rules of the SECOND. Information about the company’s directors and officers is set forth in the company’s annual report on Form 10-K for the year ended December 31, 2021which was filed with the SECOND on March 30, 2022. Information concerning persons who may, under the rules of the SECONDbe considered participants in the solicitation of shareholders in connection with the potential transaction and a description of their direct and indirect interests, by holding securities or otherwise, will be disclosed in the proxy statement of the transaction when it is filed with the SECOND. These documents can be obtained, once available, free of charge from the sources indicated above.


This press release does not constitute a solicitation of proxy, consent or authorization with respect to any security or with respect to the proposed business combination. This press release also does not constitute an offer to sell or the solicitation of an offer to buy any securities, and there will be no sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be illegal prior to registration. or qualification under the securities laws of such jurisdiction. No offer of securities will be made except by means of a prospectus satisfying the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.


This press release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on the Company’s current expectations and are subject to numerous conditions, risks and uncertainties, which could cause actual results to differ materially from those reflected in the statements, many of which are beyond the control of the Company. Company, including those set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021filed with the SECOND on March 30, 2022and the Company’s quarterly reports on Form 10-Q filed with the SECOND, all available on the SEC’s website, Investors are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from projections contained in forward-looking statements. The Company assumes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.


Zhe ZhangChief executive officer
[email protected]

Source: Alpha Star Acquisition Company

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