Star Alliance's Groundbreaking Asset Exchange with NoHo, Inc.
Star Alliance International Corp. Completes Asset Sale
Star Alliance International Corp. (OTC: STAL) has made a significant business move by selling its assets to NoHo, Inc. (OTC: DRNK). This transaction is set to benefit both companies and their shareholders.
Details of the Transaction
The deal allows Star Alliance to exchange its assets for publicly traded shares of NoHo, Inc. This exchange is expected to enhance liquidity for Star’s shareholders. Once the audits of NoHo are finalized and its registration statement becomes effective, Star Alliance shareholders will receive DRNK shares as dividends, marking their ownership in both firms.
Leadership Transition and Strategy Changes
One important element of this transaction is the leadership transition. Anthony Anish, previously the CEO of Star Alliance, will now also take on the role of CEO at NoHo. This marks a new chapter for NoHo, and announcements regarding additional board appointments are anticipated.
Challenges Faced by Star Alliance
Star Alliance has encountered several challenges recently, including:
- Attempts to secure a sizeable credit facility were unsuccessful despite documentation efforts.
- The SEC declined approval of their recent audits for 2023 and 2024.
- As a result of these issues, they were reclassified from OTC Pink to the expert market following a delay in their 10-Q filing.
Strategic Decision to Divest
Given these challenges, Star Alliance deemed it prudent to divest its assets to NoHo. This strategic move aims to preserve shareholder value and to improve its financial prospect with DRNK shares. Going forward, Star plans to push for approval of a 15C-211 filing with FINRA while they work on leveraging their new holdings in NoHo.
Comments from Leadership
Anthony Anish commented, "This decision was made after careful consideration. Transitioning our assets to a publicly traded organization will facilitate access to a more liquid market for our shareholders, even as we resolve outstanding issues." Richard Carey, Chairman of Star Alliance, remarked, "Our priority has always been our shareholders. This step provides a pathway to reinstating trading and simultaneously enhancing asset value through our investment in DRNK."
About Star Alliance International Corp.
Founded in 2014 and based in Nevada, Star Alliance International Corp. (STAL) is a diversified holding company dedicated to long-term shareholder value. With its recent connection to NoHo, Inc. (DRNK), the company remains focused on transparency and operational effectiveness while looking for new growth opportunities.
Frequently Asked Questions
What is the significance of the asset sale to NoHo?
The asset sale establishes an important exchange of ownership interests, enhancing liquidity and shareholder value for Star Alliance.
Who will lead NoHo following the transaction?
Anthony Anish, formerly CEO of Star Alliance, will assume the CEO role at NoHo, indicating a shift in leadership.
What challenges has Star Alliance faced recently?
Star Alliance has encountered difficulties securing funding and faced regulatory challenges related to their audits.
How does Star Alliance plan to move forward after this transaction?
Star intends to work towards a 15C-211 filing with FINRA to enhance its market position while leveraging its new investment in NoHo.
What is the vision of Star Alliance International Corp.?
The vision is to provide long-term shareholder value, focusing on strategic growth and operational excellence in partnership with NoHo.
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