Metal Sky Star Acquisition Corporation reported its financial results for the third quarter ending September 30, 2025, revealing a net loss of $92,708, a significant decline from a net income of $144,123 during the same period in 2024. For the nine months ended September 30, 2025, the company recorded a net loss of $443,906, compared to a net income of $833,308 in the prior year. The operating expenses for the third quarter were $101,909, down from $329,618 in the previous year, while total other income decreased to $9,201 from $473,741, primarily due to reduced interest income from marketable securities.
The company's total assets as of September 30, 2025, amounted to $984,386, a substantial decrease from $6,683,844 at the end of 2024. This decline was largely attributed to a significant reduction in marketable securities held in the trust account, which fell to $920,985 from $6,677,519. Current liabilities increased to $5,187,551, up from $4,303,842, driven by higher accrued expenses and amounts due to related parties. The accumulated deficit also widened to $8,027,355 from $7,175,722, reflecting ongoing operational challenges.
Strategically, Metal Sky has faced hurdles in executing its business combination plans, leading to its delisting from Nasdaq due to failure to complete a business combination within the required timeframe. The company is now trading on the OTCID Market and is actively seeking to finalize a merger or acquisition. As of September 30, 2025, the company had 3,205,000 ordinary shares outstanding, with 60,523 shares subject to possible redemption. The management has indicated that they are exploring various options to secure a business combination, including potential partnerships with companies in different sectors.
Looking ahead, the company has expressed concerns regarding its ability to continue as a going concern, given its accumulated deficit and working capital deficit of $5,124,150. Metal Sky's management is considering various financing options, including loans from its sponsor or affiliates, to meet its operational needs and facilitate a business combination. The company has filed a preliminary proxy statement to extend the deadline for completing a business combination to January 5, 2026, but acknowledges the uncertainty surrounding its ability to achieve this goal.
About Metal Sky Star Acquisition Corp
Metal Sky Star Acquisition Corporation is a Cayman Islands-based blank check company focused on identifying and acquiring middle-market growth businesses globally. It aims to leverage management’s M&A and operational expertise to build companies that benefit from being publicly traded, with a focus on revenue, earnings, and cash flow growth. The company targets businesses with ties to China or operating in China through VIE structures, seeking strategic mergers and investments.
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