SEOUL, KOREA, and NEW YORK, NY, June 15, 2023 (GLOBE NEWSWIRE) — by way of NewMediaWire – Global Star Acquisition Inc. (NASDAQ: GLST;GLSTU; GLSTW, “Global Star”), a particular objective acquisition firm (SPAC), led by CEO Anthony Ang, is thrilled to announce that it has entered right into a merger settlement with Ok Enter Holdings Inc. (“K Enter”), a Delaware company.  Ok Enter holds contracts to amass seven diversified leisure working firms primarily based in Korea, engaged within the leisure content material and IP creation companies (the “Seven Korean Entities”), and Ok Enter plans to consummate the acquisition of the Seven Korean Entities previous to the closing of the merger.

The merger combines Global Star’s strengths and experience in finance and the power and experience within the international leisure trade of Ok Enter and the Seven Korean Entities. The Seven Korean Entities are recognized for his or her dynamic content material creation and IP-based enterprise fashions, and have an estimated mixed  income of roughly US$153 million for the 12 months ended December 31, 2022.  Following the closing of the merger settlement, the dad or mum of the mixed firm will likely be named “K Wave Media Ltd.” and we anticipate that its securities will likely be listed on The Nasdaq Stock Market.

The transaction has been valued at US$610M and is anticipated to be accomplished within the late fourth quarter of 2023, topic to customary closing situations and regulatory approvals. Global Star at the moment has roughly $92 million in belief, which will likely be out there to the mixed firm upon completion of the merger, assuming no redemptions.

CEO Anthony Ang expressed his pleasure concerning the merger: “This merger with K Enter represents a significant step for Global Star Acquisition, Inc. Our extensive search and shortlisting process has led us to ultimately join forces with K Enter and leverage the impressive track record and creative capabilities of the Seven Korean Entities in entertainment content and IP creation, several of which have found a strong global audience. This strategic partnership allows us to enter the Korean entertainment market, known for its rich talent pool and groundbreaking content.  K Enter, in addition to having an internal K drama production team, is party to agreements to acquire equity interests in the Seven Korean Entities, one of which is Solaire Partners Ltd. (“Solaire Partners”), a Korean content-specialized non-public fairness agency primarily based in Seoul Korea that has invested in a number of the highest-grossing movies out of Korea. Mr. Pyeung Ho Choi, and Mr. Young Jae Lee of Solaire Partners have been appointed to senior administration positions at Ok Enter. Ok Enter has additionally entered into agreements to amass fairness pursuits in a single Ok drama manufacturing firm, three Ok film manufacturing firms, one digital manufacturing firm, and one IP merchandising firm.  Our concentrate on delivering public shareholder worth drives our decision-making, and we consider the liquidity that will likely be offered to the mixed firm ought to assist fortify the strategic positioning of Ok Enter to amass the Seven Korean Entities and successfully deploy this capital to proceed its technique of growth to markets exterior Korea.”

Story continues

“Together, we will drive the future of the entertainment industry,” stated Young Jae Lee, CEO of Ok Enter. “We are delighted to embark on this merger journey and become a public company with Global Star Acquisition, Inc. K Enter’s leadership consists of partners of Solaire Partners, and by combining our resources and expertise, we will continue to create and offer exceptional Korean entertainment experiences for audiences worldwide,” continued Mr. Lee. “Together, we will contribute to the future of the entertainment industry in a more meaningful way.”

Advisors

Lee & Ko L.L.P. is serving as Korean authorized advisor and Loeb & Loeb LLP is serving as U.S. authorized advisor to Ok Enter. PWC is serving as Auditor to Ok Enter. Nelson Mullins Riley & Scarborough  LLP is serving as authorized advisor to Global Star Acquisition Inc. KPMG is serving because the monetary advisor to Ok Enter Holdings Inc.

About Global Star Acquisition Inc.

The Company (NASDAQ: GLSTU) is a clean test firm shaped for the aim of effecting a merger, capital inventory trade, asset acquisition, inventory buy, reorganization or comparable enterprise mixture with a number of companies. The Company prioritized the Nordic area and Asia Pacific, particularly Southeast Asia as its geographical focus. The Company is led by Anthony Ang, the Company’s Chairman and Chief Executive Officer, Nicholas Khoo, the Company’s Chief Operating Officer, and Shan Cui, the Company’s Chief Financial Officer.

About Ok Enter Holdings Inc.

Ok Enter Holdings Inc. is a just lately shaped holding firm for the aim of buying seven diversified leisure working firms primarily based in Korea, engaged within the leisure content material and IP creation companies (the “Seven Korean Entities”). Ok Enter has an inside Ok drama manufacturing crew, and the Seven Korean Entities to be acquired by Ok Enter embrace Solaire Partners Ltd. (“Solaire Partners”), a Korean content-specialized non-public fairness agency primarily based in Seoul Korea that has invested in a number of the highest-grossing movies out of Korea, one Ok drama manufacturing firm, three Ok film manufacturing firms, one digital manufacturing firm, and one IP merchandising firm. As a mixed platform, we anticipate these firms to supply a big quantity of synergy.

Cautionary Statements Regarding Forward-Looking Statements

This press launch is offered for informational functions solely and has been ready to help events in making their very own analysis with respect to the Proposed Business Combination and for no different objective. No representations or warranties, specific or implied are given in, or in respect of, this press launch. To the fullest extent permitted by legislation on no account will the Company, Ok Enter, or any of the Seven Korean Entities, curiosity holders, associates, representatives, companions, administrators, officers, staff, advisors or brokers be accountable or accountable for any direct, oblique or consequential loss or lack of revenue arising from using this press launch, its contents, its omissions, reliance on the data contained inside it, or on opinions communicated in relation thereto or in any other case arising in connection therewith. Industry and market information used on this press launch have been obtained from third-party trade publications and sources in addition to from analysis studies ready for different functions. Neither the Company nor Ok Enter has independently verified the information obtained from these sources and can’t guarantee you of the information’s accuracy or completeness. This information is topic to vary. In addition, this press launch doesn’t purport to be all-inclusive or to include all the data which may be required to make a full evaluation of the Company, Ok Enter or the Proposed Business Combination. Viewers of this press launch ought to every make their very own analysis of the Company and Ok Enter and of the relevance and adequacy of the data and may make such different investigations as they deem vital. This press launch accommodates sure “forward-looking statements” inside the that means of the federal securities legal guidelines, together with statements relating to the advantages of the Proposed Business Combination, together with Ok Enter’s capacity to speed up the event of its merchandise and convey them to market, the anticipated timing for completion of the Proposed Business Combination, and the Company’s and Ok Enter’s expectations, plans or forecasts of future occasions and views as of the date of this press launch. The Company and Ok Enter anticipate that subsequent occasions and developments will trigger the Company’s and Ok Enter’s assessments to vary. These forward-looking statements, which can embrace, with out limitation, phrases corresponding to “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will”, “could,” “should,” “believes,” “predicts,” “potential,” “might,” “continues,” “think,” “strategy,” “future,” and comparable expressions, contain important dangers and uncertainties (most of which components are exterior of the management of the Company or Ok Enter.

In addition, this press launch features a abstract set of danger components which will have a cloth impression on the Company, Ok Enter or the Proposed Business Combination, which aren’t meant to seize all of the dangers to which the Company, Ok Enter or the Proposed Business Combination is topic or could also be topic. Factors which will trigger such variations embrace however aren’t restricted to: (1) the prevalence of any occasion, change or different circumstance that would give rise to the termination of the Merger Agreement; (2) the chance that the Proposed Business Combination is probably not accomplished in a well timed method or in any respect, which can adversely have an effect on the value of the securities; (3) the chance that the Proposed Business Combination is probably not accomplished by the Company’s enterprise mixture deadline; (4) the shortcoming to finish the Proposed Business Combination, together with however not restricted to as a result of failure to acquire approval of the stockholders of the Company or Ok Enter for the Merger Agreement, to obtain sure governmental, regulatory and third occasion approvals or to fulfill different situations to closing within the Merger Agreement; (5) the failure to attain the minimal amount of money out there following any redemptions by the Company’s stockholders; (6) the shortcoming to acquire or keep the itemizing of the Company’s widespread inventory on Nasdaq following the Proposed Business Combination, together with however not restricted to redemptions exceeding anticipated ranges or the failure to satisfy Nasdaq’s preliminary itemizing requirements in reference to the consummation of the Proposed Business Combination; (7) the impact of the announcement or pendency of the Proposed Business Combination on Ok Enter’s enterprise relationships, working outcomes, and enterprise typically; (8) dangers that the Proposed Business Combination disrupts present plans and operations of Ok Enter or the Seven Korean Entities; (9) the shortcoming to understand the anticipated advantages of the Proposed Business Combination and to understand estimated professional forma outcomes and underlying assumptions, together with however not restricted to with respect to estimated stockholder redemptions and prices associated to the Proposed Business Combination; (10) the likelihood that the Company or Ok Enter or the Seven Korean Entities could also be adversely affected by different financial or enterprise components; (11) adjustments within the markets by which Ok Enter and the Seven Korean Entities compete, together with however not restricted to with respect to its aggressive panorama, know-how evolution, adjustments in leisure decisions or regulatory adjustments; (12) adjustments in home and international common financial situations; (13) danger that Ok Enter could not be capable of execute its development methods; (14) the chance that Ok Enter experiences difficulties in managing its development and increasing operations after the Proposed Business Combination; (15) the chance that the events might want to elevate further capital to execute the marketing strategy, which is probably not out there on acceptable phrases or in any respect; (16) the power to acknowledge the anticipated advantages of the Proposed Business Combination to attain its commercialization and improvement plans, and determine and notice further alternatives, which can be affected by, amongst different issues, competitors, the power of Ok Enter to develop and handle development economically and rent and retain key staff; (17) danger that Ok Enter could not be capable of develop and keep efficient inside controls; (18) the chance that Ok Enter could fail to maintain tempo with fast technological developments or adjustments in leisure tastes to supply new and modern services and products, or could make substantial investments in unsuccessful new services and products; (19) the power to develop, license or purchase new content material, services and products; (20) the chance that Ok Enter is unable to safe or defend its mental property; (21) the chance of product legal responsibility or regulatory lawsuits or proceedings referring to Ok Enter’s enterprise; (22) the chance of cyber safety or international trade losses; (23) adjustments in relevant legal guidelines or rules; (24) the result of any authorized proceedings which may be instituted in opposition to the events associated to the Merger Agreement or the Proposed Business Combination; (25) the impression of the worldwide COVID-19 pandemic and response on any of the foregoing dangers, together with however not restricted to produce chain disruptions; (26) the chance that Ok Enter fails to efficiently and well timed consummate its acquisition of a number of of the Seven Korean Entities`; and (27) different dangers and uncertainties to be recognized within the Registration Statement, together with these beneath “Risk Factors” therein, and in different filings with the U.S. Securities and Exchange Commission (“SEC”) made by the Company. You ought to fastidiously contemplate the foregoing components and the opposite dangers and uncertainties described within the “Risk Factors” part of The Company’s Annual Report on Form 10-Ok, Quarterly Reports on Form 10-Q, the Registration Statement to be filed with the SEC with respect to the Proposed Business Combination (as described additional beneath), and different paperwork filed by the Company every so often with the SEC. These filings determine and tackle different essential dangers and uncertainties that would trigger precise occasions and outcomes to vary materially from these contained within the forward-looking statements. The foregoing listing of things will not be exhaustive, are offered for illustrative functions solely, and aren’t meant to function, and should not be relied on as, a assure, an assurance, a prediction or a definitive assertion of reality or chance. Actual occasions and circumstances are troublesome or unattainable to foretell and can differ from assumptions. Forward-looking statements communicate solely as of the date they’re made. If any of those dangers materialize or our assumptions show incorrect, precise outcomes may differ materially from the outcomes implied by these forward-looking statements. There could also be further dangers that neither the Company nor Ok Enter presently know or that the Company and Ok Enter at the moment consider are immaterial that would additionally trigger precise outcomes to vary materially from these contained within the forward-looking statements. The Company and Ok Enter anticipate that subsequent occasions and developments will trigger the Company’s and Ok Enter’ assessments to vary. However, whereas The Company and Ok Enter could elect to replace these forward-looking statements sooner or later sooner or later, The Company and Ok Enter particularly disclaim any obligation to take action. Neither the Company nor Ok Enter offers any assurance that the Company or Ok Enter, or the mixed firm, will obtain its expectations. Accordingly, undue reliance shouldn’t be positioned upon the forward-looking statements, they usually shouldn’t be relied upon as representing the Company’s and Ok Enter’ assessments as of any date subsequent to the date of this press launch.

Additional Information and Where to Find It

This press launch is offered for informational functions solely and has been ready to help events in making their very own analysis with respect to the Proposed Business Combination. However, this press launch doesn’t purport to be all-inclusive or to include all the data which may be required to make a full evaluation of the Company, Ok Enter, or the Proposed Business Combination.

In reference to the Proposed Business Combination, the Company and Purchaser intend to file related supplies with the SEC, together with a registration assertion on Form F-4, which can embrace a proxy assertion/prospectus of the Company (the “Registration Statement”). The Company urges its buyers, shareholders, and different individuals to learn, when out there, the proxy assertion/prospectus filed with the SEC and paperwork included by reference therein as a result of these paperwork will include essential details about the Company, Ok Enter and the Proposed Business Combination. After the Registration Statement is asserted efficient by the SEC, the definitive proxy assertion/prospectus and different related paperwork will likely be mailed to the shareholders of the Company as of the report date established for voting on the Proposed Business Combination and can include essential details about the Proposed Business Combination and associated issues. Shareholders of the Company and different individuals are suggested to learn, when out there, these supplies (together with any amendments or dietary supplements thereto) and another related paperwork in reference to the Company’s solicitation of proxies for the assembly of shareholders to be held to approve, amongst different issues, the Proposed Business Combination as a result of they are going to include essential details about the Company, Ok Enter, and the Proposed Business Combination. Shareholders may also be capable of get hold of copies of the preliminary proxy assertion/prospectus, the definitive proxy assertion/prospectus, and different related supplies in reference to the transaction with out cost, as soon as out there, on the SEC’s web site at www.sec.gov or by directing a request to: Global Star Acquisition Inc., 1641 International Drive, Unit 208, McLean, VA 22102 or (703) 790-0717. The info contained on, or which may be accessed by means of, the web sites referenced on this press launch will not be included by reference into, and isn’t part of, this press launch.

Participants in Solicitation

The Company, Ok Enter, and their respective administrators and government officers could also be deemed members within the solicitation of proxies from the Company’s shareholders in reference to the Proposed Business Combination. The Company’s shareholders and different individuals could get hold of, with out cost, extra detailed info relating to the administrators and officers of the Company within the Company’s Annual Report on Form 10-Ok for the fiscal 12 months ended December 31, 2022, which was filed with the SEC on May 25, 2023. Information relating to the individuals who could, beneath SEC guidelines, be deemed members within the solicitation of proxies to the Company’s shareholders in reference to the Proposed Business Combination will likely be set forth within the proxy assertion/prospectus for the Proposed Business Combination, when out there. Additional info relating to the pursuits of members within the solicitation of proxies in reference to the Proposed Business Combination will likely be included within the proxy assertion/prospectus that the Company intends to file with the SEC. You could get hold of free copies of those paperwork as described above.

No Offer or Solicitation

This press launch will not be a proxy assertion or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Business Combination and shall not represent a suggestion to promote or a solicitation of a suggestion to purchase any securities nor shall there be any sale of securities in any state or jurisdiction by which such supply, solicitation, or sale can be illegal previous to registration or qualification beneath the securities legal guidelines of any such state or jurisdiction. No supply of securities shall be made besides by way of a prospectus assembly the necessities of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom.

Contact
Global Star Acquisition Inc.
1641 International Drive, Unit 208
Mclean, VA 22102
Anthony Ang
Chairman and Chief Executive Officer
Anthony.ang@globalstarspac.com