New York, May 31, 2026, 10:04 EDT
- Starry Sea Acquisition shares finished Friday at $10.22 on Nasdaq. About 16,100 shares changed hands.
- U.S. markets are closed for the weekend. It was a holiday-shortened week with Nasdaq shut for Memorial Day on May 25.
- The SPAC said in a May 18 filing that its letter of intent with Forever Young International lapsed before any final deal was made, and it will drop the proposed transaction.
Starry Sea Acquisition Corp closed the week around $10 with hardly any move. The Nasdaq-listed SPAC is back looking for a target after dropping its merger plans with Forever Young International.
That matters now, with the clock taking over from earnings momentum as the key force. Starry Sea is a SPAC, or special purpose acquisition company. It’s a listed shell that raises cash, then looks for an operating business to merge with.
Market hours for Nasdaq are Monday to Friday, 9:30 a.m. to 4:00 p.m. Eastern. The exchange was closed on Monday, May 25, for Memorial Day, so there were four sessions last week. The market does not open on Sunday.
Starry Sea finished Friday at $10.22, flat for the session. Shares have edged up 0.20% in the past five sessions and gained 2.10% so far this year, according to MarketScreener. Thin action, but there’s something there.
Starry Sea said May 18 the September 2025 letter of intent it signed with Forever Young International expired Jan. 12, once the exclusivity period closed and no agreement was reached. The company said it does not plan to pursue that business combination.
Starry Sea said in its quarterly filing it hadn’t started up as of March 31. There’s no operating revenue until it finishes a business combination, if that happens. The company reported $58.85 million in cash and investments held in trust, which is the IPO money put aside for a deal or redemptions. Cash outside the trust totaled $58,049.
Trust account support is keeping the stock in a tight range. Lots of SPACs see their shares stick close to the $10 unit level, with the cash in trust and redemption rights helping hold the price in place until a deal, valuation, or redemption vote shifts things.
SPACs tied to the group stayed quiet. Wintergreen Acquisition was at $10.35, Blueport Acquisition showed $10.08, and units of Starry Sea printed at $10.35, according to Google Finance’s related stocks list.
Wall Street finished Friday at record highs, as the main indexes got a boost from a strong tech sector and Dell’s outlook. The Nasdaq climbed 2.39% for the week. “The rally has really been driven by earnings,” said Ohsung Kwon, chief equity strategist at Wells Fargo, to Reuters. Starry Sea didn’t keep up with the broader market. Reuters
Strong markets don’t always help Starry Sea. The pre-merger SPAC doesn’t have an actual business, so investors have little to react to. The next main move will probably be news about a new target, another extension, or a new SEC filing with a timing update.
Jobs data test risk appetite this week. Reuters said investors are focused on the June 5 U.S. payrolls report, with a poll calling for 85,000 jobs added and the unemployment rate at 4.3%. Liz Ann Sonders from the Schwab Center for Financial Research said softer numbers might “calm fears” over the Fed moving toward tightening. Reuters
But there’s a clear risk. Starry Sea’s filing shows it has 15 months from Aug. 7, 2025 to close a deal or ask for more time. If it can’t pull that off, the company has to shut down and pay back public shareholders. Its rights would also be wiped out if there’s no merger.
