Tristar Acquisition I in a regulatory filing said entered into a securities purchase agreement to sell the sponsor's interest in the SPAC to Navy Sail International Limited. Navy Said will buy 3,046,634 class B shares and 4,957,875 private placement warrants. In addition, all other holders of Founder Shares transferred an aggregate of 1,380,866 of their founder shares to Chunyi (Charlie) Hao, the SPAC's new CEO.

The SPAC last week secured a deadline extension to Oct. 18 for the lesser monthly deposit of $375,000 or 10.5 cents a share. Further extensions until Oct. 18 would be available with the deposit of the lesser of 3.5 cents a share or $125,000 for each month required.

The SPAC raised $200 million in an October 2021 IPO to focus on companies related to telecommunications, technology, or related businesses. Read more.

Source: Tristar Acquisition I Sells Sponsor Stake