Estonian company XData Group set for Nasdaq debut via SPAC merger

Estonian company XData Group has announced its plans to go public on the Nasdaq exchange in the first half of 2025. The company has already signed a definitive agreement with special purpose acquisition company (SPAC) Alpha Star Acquisition Corporation (Alpha Star) for a €158.3M merger.

XData Group is a B2B software company specializing in the European banking sector. In 2024, the company launched its flagship banking solution designed to improve the user experience and operational efficiency of online banking. XData Group was founded in 2022 in Tallinn, Estonia. The founder and CEO is Roman Eloshvili.

According to Eloshvili, going public will give XData Group the resources it needs to accelerate the development of new products, as well as forge new industry partnerships.

Alpha Star Acquisition Corporation is a blank check company formed under the laws of the Cayman Islands for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Alpha Star Acquisition Corporation was incorporated in 2021 and is based in New York, USA.