As of March 14, 2025, Global Star Acquisition Inc. transitioned its trading from Nasdaq to the OTC Markets. This move followed a decision by Nasdaq to delist the company due to its failure to meet certain listing requirements. Despite this setback, Global Star remains committed to its strategic plans, including a business combination with K Enter Holdings, with the aim of listing the resulting entity, K Wave Media, on Nasdaq.

Background on Delisting

Global Star Acquisition Inc. faced challenges in maintaining compliance with Nasdaq’s listing rules. The company received an initial notice of potential delisting in January 2025 and subsequently withdrew its appeal, leading to a final delisting notice. The primary issues were related to the number of total holders and the minimum publicly held shares requirement.

Transition to OTC Markets

Following the delisting from Nasdaq, Global Star’s securities began trading on the OTC Markets. This transition allows the company to continue trading while it works on regaining compliance with major exchange requirements or pursuing alternative listing strategies.

Business Combination with K Enter Holdings

Global Star’s shareholders have approved a business combination with K Enter Holdings Inc., a company involved in the entertainment content and IP creation businesses. The plan is to merge these entities and form K Wave Media Ltd., which will then seek listing on Nasdaq. This strategic move aims to leverage the growing popularity of K-content globally and enhance the company’s bargaining power with major content distributors.

Future Plans for K Wave Media

K Wave Media is poised to make a significant impact in the entertainment industry by capitalizing on the global appeal of K-content. The company plans to raise funds for content production and strengthen its position in negotiations with leading distributors like Netflix. By jointly owning IP rights through investments in production costs, K Wave Media aims to become a major player in content distribution deals.

Conclusion

Global Star Acquisition Inc.’s move to the OTC Markets marks a temporary setback but does not deter its long-term strategic goals. The company’s focus on completing the business combination with K Enter Holdings and listing K Wave Media on Nasdaq underscores its commitment to growth and expansion in the entertainment sector. As K Wave Media prepares for its Nasdaq debut, it sets a precedent for other South Korean companies seeking to tap into global capital markets.