News & Events zu Metal Sky Star Acquisition Corp (MSSA)MSSAMetal Sky Star Acquisition Corp

Metal Sky Star Acquisition dedicated to facilitating public listing of target

Metal Sky Star Acquisition Corporation is dedicated to facilitating the public listing of its target company through a strategic business combination. The transaction, which spans the telecom industry and involves extensive regulatory requirements and government approvals, has encountered complexities typical of de-SPAC processes. The company is working to secure all necessary clearances. In support of these efforts, shareholders have approved an additional nine-month extension to complete the transaction. This extended timeline will allow Metal Sky Star to finalize the necessary regulatory approvals and strategic steps. Furthermore, discussions with NASDAQ have confirmed that while trading in Metal Sky Star's shares will transition to the OTC market, once the final government approval is obtained and the transaction is completed, the surviving entity is expected to re-list on NASDAQ provided it satisfies the relevant initial listing standards.

Metal Sky Star Acquisition receives Nasdaq delisting letter

On April 2, Metal Sky Star Acquisition Corporation received a letter from the Listing Qualifications Department of the Nasdaq Stock Market stating that the Staff has determined that the Company's securities will be delisted from The Nasdaq Stock Market; trading of the Company's Ordinary Shares, Units, Rights, and Warrants will be suspended at the opening of business on April 9, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company's securities from listing and registration on The Nasdaq Stock Market. Pursuant to Nasdaq Listing Rule IM-5101-2, a special purpose acquisition company must complete one or more business combinations within 36 months of the effectiveness of its IPO registration statement. Since the Company failed to complete its initial business combination by March 31, 2025, the Company did not comply with IM-5101-2, and its securities are now subject to delisting. The Company will not appeal Nasdaq's determination to delist the Company's securities and accordingly, the Company's securities will be suspended from trading on Nasdaq at the opening of business on April 9. The Company intends to apply for the listing of its securities on the OTC market under the same ticker symbols after they are delisted from Nasdaq. The Company is working diligently to complete a business combination as soon as practicable. The Company will remain a reporting entity under the Securities Exchange Act of 1934, as amended, with respect to continued disclosure of financial and operational information.

Metal Sky Star Acquisition enters LOI with Fedilco Group

Metal Sky Star Acquisition has entered into a letter of intent with Fedilco Group Limited, a Cyprus-based company holding an 80% equity interest in Viva Armenia Closed Joint-Stock Company, an Armenia-based telecom company. Pursuant to the LOI, Metal Sky Star expresses interest in acquiring all the issued and outstanding shares of Fedilco. The parties will seek necessary permissions and/or approvals from the Republic of Armenia's state authorities for the proposed transaction. Viva stands out as the sole telecom company in Armenia included in the country's Top 10 taxpayers list, underscoring its economic impact and significant contributions to national development. Viva currently has over 2.3 million unique subscribers and holds a 61% share by active subscribers and 58.18% by total revenue in Armenia's telecom market. Viva's team comprises 1,132 employees who support Viva's mission to make mobile services widely accessible, ensuring subscribers stay connected both locally and globally. Viva has established roaming partnerships with 529 operators across 192 countries, demonstrating a strong commitment to maintaining connections for its customers worldwide. It also pioneered corporate social responsibility as a management model in Armenia's telecom industry, guided by ISO 26000 standards on community impact and sustainability.