K Enter to Merge with Global Star Acquisition Amid Nasdaq Listing Challenges

New York, NY / Seoul, South Korea - Global Star Acquisition Inc. (OTC Markets: GLST), a special purpose acquisition company (SPAC), has begun trading on the OTC Markets following its suspension from the Nasdaq Stock Market.

The company received notification from Nasdaq on March 7, 2025, indicating it had failed to meet continued listing requirements. 

Trading of Global Star's securities was suspended on the same day, with Nasdaq citing its discretionary authority under Listing Rules 5101 and IM-5101-1.

Trading of Global Star's securities commenced on the OTC Markets on March 14, 2025, one week after the Nasdaq suspension. 

The company has not disclosed which specific listing requirements it failed to satisfy.

Prior to the suspension, Global Star's shareholders approved a business combination with K Enter Holdings, Inc. on February 3, 2025. 

According to the company, both parties maintain their commitment to completing the merger, with plans to list the resulting entity, K Wave Media, Ltd., on the Nasdaq Stock Market.

The company has not provided a timeline for the completion of the merger or potential relisting on Nasdaq. 

The securities transition to OTC Markets occurs as Global Star continues efforts to finalize its previously announced business combination.