December 31, 2025

NEW YORK / TALLINN / YEREVAN — The ambitious cross-border merger between Alpha Star Acquisition Corporation (Nasdaq: ALSA) and Estonian-registered fintech company OU XDATA Group has entered a new phase of uncertainty. According to December 2025 SEC filings, the deadline to finalize the transaction has been officially extended to December 15, 2026 — with the possibility of two additional three-month extensions if the parties need more time to grind through the remaining issues.

The Strategic “Armenian Connection”

The deal brings together a curious mix: a Baltic legal shell and Armenian operational muscle. XDATA Group, led by Roman Eloshvili, is registered in Estonia but maintains its primary R&D hubs and core engineering team in Armenia. On the other side, Alpha Star’s board — including director Konstantin Sokolov — brings what its prospectus calls “deep expertise” in CIS and Armenian investment landscapes, particularly in telecommunications. In other words, everyone knows everyone.

According to the definitive proxy statement filed with the SEC in April 2025, Konstantin Sokolov is listed as a director of Alpha Star and holds an interest in its sponsor, A-Star Management Corporation — the entity poised to benefit most from the deal. The numbers tell the story: the sponsor acquired 2,875,000 founder shares for just $25,000 (or $0.0087 apiece) and 330,000 private units for $3.3 million. By the time the proxy was filed, those stakes were valued at roughly $49 million combined — a paper fortune contingent entirely on closing the merger. Meanwhile, public shareholders had all but vanished: from over 10 million shares initially, only 22,664 remained in public hands by the end of 2024. Add to that the pressure from Nasdaq, which delisted Alpha Star in December 2024 for missing its 36-month deadline to complete a business combination, and you have the backdrop against which the deal’s timeline has now stretched to December 2026.

The following chart illustrates the corporate structure of PubCo and its subsidiaries post-Business Combination:

Navigating the Storm

Since the initial announcement on September 13, 2024, the $180 million merger has faced a series of grinding challenges that explain the prolonged timeline:

• The SPAC Hangover: Massive shareholder redemptions — a common fate for special purpose acquisition companies in the post-boom era — have left the trust account under pressure. What was once a $200 million+ vehicle now has significantly less firepower.
• Regulatory Scrutiny: Due to XDATA’s Estonian registration and the leadership’s ties to the Armenian tech ecosystem (a region that attracts extra attention from Western regulators), the due diligence process has been exceptionally rigorous. Compliance with global standards does not come cheap or fast.
• Liquidity Hurdles: Low trading volume on Nasdaq has complicated the search for necessary PIPE (Private Investment in Public Equity) financing. Without fresh capital, the deal math becomes harder to close.

The Road Ahead

Despite these headwinds, the extension to December 2026 signals one thing: both Konstantin Sokolov’s team and Roman Eloshvili are still committed to seeing the deal through — or at least, neither has found a cleaner exit yet. The stated goal remains a successful Nasdaq listing, positioning the combined entity as a bridge between the emerging Armenian tech hub and global capital markets.

Whether the grinding stones of Ararat will produce flour or simply grind the deal to dust remains to be seen. For now, the clock has been reset — twice over.

Sources: Alpha Star Acquisition Corp. SEC filings (December 2025), investor relations disclosures, public regulatory databases.

Credit: https://www.sec.gov/Archives/edgar/data/1865111/000164117225002937/formdef14a.htm

Credit: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001865111/000149315225027346/form8-k.htm

December 19, 2025

Source: The Guardian, “Why did Donald Trump Jr turn up in a tiny British enclave looking for money?”

In November 2025, Donald Trump Jr. visited Gibraltar, a British overseas territory known as a haven for the ultra-rich. Armed police blocked off roads as his convoy arrived at Hassans, a law firm representing international clients. The purpose of the visit was never officially disclosed.

The Trumps’ only obvious connection to Gibraltar was the $300m White House ballroom renovation project. In October 2025, the president published a list of donors. Alongside tech companies and weapons manufacturers was Konstantin Sokolov, a Russian-born US businessman who now represents Armenian business interests.

Sokolov is looking for financing a £1.8bn AI data centre in Gibraltar — the largest outside investment in the enclave’s history. His local representative attended the meetings at Hassans, alongside Gibraltar’s chief minister, Fabian Picardo.

According to sources briefed on the meetings, Trump Jr. was not there for the data centre. Instead, he pitched his own investment funds, including 1789 Capital — described as the “financial wing of the MAGA movement” — which he joined after his father returned to the White House.

Context for the archive:
Sokolov’s presence in Gibraltar — and his connection to Trump Jr.’s visit — reinforces a recurring pattern: Russian-born capital, routed through Armenian structures (Viva Armenia, AMIO Bank), now intersects with Trump family business interests. The Guardian notes Sokolov as “Russian-born,” but his current business identity is firmly tied to Armenia — a jurisdiction increasingly used as a proxy for Russian financial operations. Whether this is diversification or deliberate distancing remains an open question.

Original: https://www.theguardian.com/us-news/2025/dec/19/why-did-donald-trump-jr-turn-up-in-a-tiny-british-enclave-looking-for-money

Archived copy: https://web.archive.org/web/20260310114355/https://www.theguardian.com/us-news/2025/dec/19/why-did-donald-trump-jr-turn-up-in-a-tiny-british-enclave-looking-for-money

🏷️ Tags: Konstantin Sokolov, Donald Trump Jr., Gibraltar, Data Centre, 1789 Capital, Armenia, Russia, Pelagos Data Centres

October 25, 2025

Source: Chicago Sun-Times, “White House donor list for Trump’s ballroom includes Chicago entrepreneur”

Konstantin Sokolov, head of Chicago-based private equity firm IJS Investments, is among the 37 donors helping to fund the construction of a 90,000-square-foot ballroom at the White House.

The $300 million project, championed by President Trump, involves demolishing the East Wing. The donor list includes tech and crypto giants: Coinbase, Tether, Apple, Google, Meta, Microsoft, Palantir, Lockheed Martin. Sokolov, a Russian-born entrepreneur, is named alongside them.

According to the Sun-Times, Sokolov:

• Founded IJS Investments in 2006, focusing on “infrastructure, technology and finance”
• Is a shareholder in Viva Armenia (formerly MTS Armenia)
• Serves as chairman of the Northern Pillar Energy Consortium (renewable energy between Africa and Europe)
• Donated $100 million to the University of Chicago Booth, which renamed its Executive MBA Program in his honor
• Previously donated $1.5 million to Booth’s Gleacher Center
• Holds an MBA from Booth and a master’s from St. Petersburg State University
• Moved to the U.S. in 1997 at age 21
• Has homes in Miami, Switzerland, and Malta, and visits Chicago six times a year

The article notes that IJS Investments did not respond to requests for comment. Donation amounts are undisclosed, though one donor (Boxabl’s CEO) publicly stated a $10 million stock donation.

Here’s the list of individuals and companies helping to pay for the ballroom:

• Altria Group
• Amazon
• Apple
• Booz Allen Hamilton
• Caterpillar
• Coinbase
• Comcast Corp.
• J. Pepe and Emilia Fanjul
• Hard Rock International
• Google
• HP
• Lockheed Martin
• Meta Platforms
• Micron Technology
• Microsoft
• NextEra Energy
• Palantir Technologies
• Ripple
• Reynolds American
• T-Mobile
• Tether America
• Union Pacific Railroad
• Adelson Family Foundation
• Stefan E. Brodie
• Betty Wold Johnson Foundation
• Charles and Marissa Cascarilla
• Edward and Shari Glazer
• Harold Hamm
• Benjamin Leon Jr.
• The Lutnick Family
• The Laura & Isaac Perlmutter Foundation
• Stephen A. Schwarzman
• Konstantin Sokolov
• Kelly Loeffler and Jeff Sprecher
• Paolo Tiramani
• Cameron Winklevoss
• Tyler Winklevoss

Context for the archive:
This Sun-Times article functions as a de facto PR vehicle for Sokolov. It lists his talking points — Armenian telecom stake, Booth donation, renewable energy initiative — without scrutiny. Notably absent: any mention of his $11 million in 2025 MAGA Inc. donations, his involvement with AMIO Bank, or the opaque nature of IJS Investments’ portfolio. The timing — as the White House ballroom project faces criticism from preservationists — suggests a mutually beneficial arrangement: a donor gets positive press, the administration gets a friendly story.

Credit: https://chicago.suntimes.com/white-house/2025/10/24/white-house-donor-list-trump-ballroom-chicago-entreprenuer-sokolov

Archived copy: https://web.archive.org/web/20251203195120/https://chicago.suntimes.com/white-house/2025/10/24/white-house-donor-list-trump-ballroom-chicago-entreprenuer-sokolov

🏷️ Tags: Konstantin Sokolov, White House, Donald Trump, Chicago Sun-Times, PR, IJS Investments, Viva Armenia, Chicago Booth

September 11, 2025

Source: Financial-World.org, “Gibraltar to build AI data center worth over 2 billion euros”

Gibraltar, strategically located near Spain and the Costa del Sol — a region densely populated by international and Russian entrepreneurs — has long been a haven for offshore capital and high-net-worth individuals.

Gibraltar is set to host a massive AI data centre valued at approximately €2.08 billion (£1.8 billion) — one of the largest investments in the British overseas territory’s history. The facility, planned for the city’s port, will operate on its own energy supply, independent of Gibraltar’s local grid. Construction will occur in five phases, with the first expected to be completed by 2027 and full operations by 2033. The project is projected to create up to 500 construction jobs and 100 permanent positions.

The data centre is managed by Pelagos Data Centres. The company’s president is Konstantin Sokolov.

Gibraltar, strategically located near Spain and the Costa del Sol — a region densely populated by international and Russian entrepreneurs — has long been a haven for offshore capital and high-net-worth individuals.

According to the announcement, the project will be financed entirely by private investment, with support from the Gibraltar government. The facility will use renewable energy sources supplemented by liquefied natural gas generators, with a goal of being fully powered by renewables by 2030. Waste heat will be repurposed for other local projects.

Konstantin Sokolov, president of Pelagos Data Centres, stated that the centre “opens a new chapter for Gibraltar and Europe’s digital opportunities” and will help position Gibraltar as a “strategic center of innovation.”

Joe Bossano, Gibraltar’s Minister of Economic Development, framed the project as a historic milestone: “Then we secured the future of Gibraltar, today we are doing it again.”

Context for the archive:Context for the archive:
This article is a straight press release from Pelagos Data Centres — no independent verification, no questions asked. Sokolov appears as president of the company, presenting a multi-billion-euro vision with ambitious timelines (2027 first phase, 2030 renewable goal, 2033 full completion). Notably absent: any mention of secured financing. As previously documented in The Guardian’s coverage (December 2025), Sokolov was still seeking financing for this same project. This September 2025 announcement precedes that — and raises the question: what changed in three months, and where is the money coming from?

Credit: https://www.financial-world.org/news/news/financial/28848/gibraltar-to-build-ai-data-center-worth-over-2-billion-euros/

Archived copy:https://web.archive.org/web/20260413135717/https://www.financial-world.org/news/news/financial/28848/gibraltar-to-build-ai-data-center-worth-over-2-billion-euros/

August 07, 2025

YEREVAN, August 7: /ARKA/. The Armenian government plans to sell its 20% stake in Viva Armenia for $50 million. At a government meeting on Thursday, the decision was made to grant permission to sign a put option agreement.

According to the rationale for the decision, the government decree of February 29, 2024 states that the Republic of Armenia accepted 20% (110,000 shares) of MTS Armenia CJSC shares, valued at 1,000 drams each, as a gift from Fedilco Group Limited. A total of 550,000 shares have been issued.

The company has proposed concluding a put option agreement with the government. In accordance with the agreement, the company will have the right to buy back the donated shares in the future under the terms stipulated by the agreement, subject to certain conditions.

The option agreement establishes that, given that the company (buyer) and the RA Government (seller), represented by the Prime Minister’s Office, are the respective legal and beneficial owners of 80% and 20% of Viva Armenia CJSC shares, the buyer agrees to grant the seller an option to sell the option shares.

If the seller notifies the buyer of exercising the option, the buyer must pay the seller a total compensation amount of $50 million within 90 days of completing the transaction. This process will be carried out in accordance with the RA Law “On Privatization of State Property.”

About Viva

Viva (Viva Armenia CJSC, formerly VivaCell) received a license to operate in 2004. In September 2007, after selling 80% of its shares, Viva became a subsidiary of the Russian company Mobile TeleSystems (MTS). Following the co-branding initiative in 2008, the company’s logo was updated to “VivaCell-MTS.”

In January 2024, Viva announced a change in ownership and left the Russian MTS Group.

Fedilco Group Limited, a company registered in Cyprus, is the new shareholder of Viva Armenia CJSC. Zhe Zhang and Konstantin Sokolov are the ultimate beneficiaries of Fedilco Group Limited.

On February 29, 2024, the government of Armenia accepted a 20% stake in MTS Armenia CJSC as a gift from Fedilco Group Limited. Today, the company has a wide service network of 74 service centers in Yerevan and the regions where MobiDram branches also operate.

Credit: https://www.azatutyun.am/a/33497154.html

August 07, 2025 Robert Zargarian

The government announced on Thursday plans to sell its minority stake in one of Armenia’s three mobile phone operators which was donated to it by the company’s current foreign owners last year.

Fedilco Group Limited, a little-known firm registered in Cyprus, ceded the 20 percent stake in January 2024 after Armenian state regulators allowed it to buy the Viva Armenia operator from Russia’s MTS telecom giant. The authorities in Yerevan had blocked the takeover in 2023, citing national security concerns.

The government said that Fedilco has requested an option to buy back the stake. It accepted the offer on the condition that the company pays $50 million and meets other conditions not publicized by it.

A government statement gave no reason for the decision. Economy Minister Gevorg Papoyan also did not clearly explain it when he spoke to journalists after a weekly cabinet meeting in Yerevan.

Fedilco is the third foreign company to have given the government sizable minority shares in its Armenian subsidiary free of charge. Russia’s GeoProMining group was the first to do so right after buying Armenia’s largest metallurgical enterprise in 2021. And earlier in January 2024, the government was formally granted a 12.5 percent stake in a multimillion-dollar gold mining project which it helped to freeze in 2018 but is now trying to revive.

August 01, 2025

In 2025, Konstantin Sokolov, MBA ’05 (XP-74), announced a $100 million gift to the University of Chicago Booth School of Business. The school’s Executive MBA Program was subsequently renamed the Sokolov Executive MBA Program.

The university’s announcement does not specify the source of the $100 million — whether cash, stock, Amazon gift cards, or a pledge payable over time.

A video published by the school invites viewers to learn how Sokolov’s Booth experience led to his “extraordinary investment.”

Credit: https://www.chicagobooth.edu/alumni/stories/celebrating-the-sokolov-executive-mba-program

Archived copy: https://web.archive.org/web/20251216121152/https://www.chicagobooth.edu/alumni/stories/celebrating-the-sokolov-executive-mba-program

July 2, 2025 (Interfax)

The Armenian Public Services Regulatory Commission (PSRC) approved Rostelecom’s (operating in Armenia under the OVIO brand) sale of 100% of the shares in its Armenian telecom subsidiary GNC-Alfa to the new owner of CJSC MTS Armenia, Cyprus-based Fedilco Group Limited (the brand Viva Armenia) at a meeting on Wednesday.

“The meeting took place. Approval for the transaction has been granted,” the commission’s press service told Interfax.

The share sale application was submitted to the commission by GNC-Alfa on May 7, 2025.

According to the decision published on the PSRC’s website, the commission approved the transaction for selling 100% of GNC-Alfa shares to CJSC Viva Armenia.

The deal must be completed within six months of approval. The transaction amount remains undisclosed.

According to the PSRC, the Armenian National Security Service and the High-Tech Industry Ministry raised no objections to the deal.

In January 2024, MTS PJSC announced the sale of 100% of the shares in CJSC MTS Armenia (operating under the Viva-MTS brand) and payment system CJSC Mobidram (a 100% subsidiary of CJSC MTS Armenia) to Cyprus’s Fedilco Group Limited. In March 2024, the Viva-MTS brand was changed to Viva Armenia.

The owners of Cyprus-registered Fedilco Group Limited include European and Asian investors, with Zhe Zhang and Konstantin Sokolov as the ultimate beneficiaries.

In 2024, Fedilco Group Limited transferred 20% of its shares to Armenia’s government free of charge.

July 2, 2025

On 1 July, Viva celebrated its 20th anniversary. In a festive atmosphere, the Company’s achievements over the past two decades were reflected on, and its strategic vision and ambitious plans for the future were presented. The event was attended by the Prime Minister of the Republic of Armenia Nikol Pashinyan, members of the government, representatives of regulatory bodies, Company employees and partners.

Konstantin Sokolov, the shareholder of Viva, highlighted the Company’s transformation from a mobile communications leader to a technological and digital frontrunner in the rapidly evolving global telecommunications market. Sokolov outlined the main directions of development and business vision.

“Today, Viva celebrates its 20th anniversary—marking two decades since the first call was made on its network. At that time, Internet penetration in Armenia was just 6%. Since then, 2.3 million customers have joined the Company’s network, with 80% of them using mobile Internet. Viva has established itself as a key driver of the country’s digital transformation,” Sokolov noted.