**SECURITIES
      AND EXCHANGE COMMISSION**


**Washington,
      D.C. 20549**


**FORM
      10-KSB** ****





**x**
            **Annual
                Report Pursuant to Section 13 or 15(d) of the Securities Exchange
                Act of
                1934**




**For
      the period from August 16, 2006 (date of inception) to June 30, 2007**




**o**
            **Transition
                Report Pursuant to Section 13 or 15(d) of the Securities Exchange
                Act of
                1934**




**For
      the transition period from ______________to ______________**




**Commission
      File Number 001-33563**




**Alyst
      Acquisition Corp.**


(Name
      of
      Small Business Issuer in Its Charter)





**Delaware**
              (State
                of Incorporation)
            **20-5385199**
              (Small
                Business Issuer
              I.R.S.
                Employer I.D. Number)**233
                East 69th Street, #6J**
              **New
                York, New York**
              (Address
                of principal executive offices)
            **10021**
              (zip
                code)





**646-290-6104**


(Issuer’s
      Telephone Number, Including Area Code)





**Securities
      registered pursuant to Section 12(b) of the Act:**





**Title
                of Each Class**
            
            **Name
                of Each Exchange on Which Registered**Units
                consisting of one share of Common Stock, par
              value
                $.0001 per share, and one Warrant
            
            American
                Stock ExchangeCommon
                Stock, $.0001 par value per share
            
            American
                Stock ExchangeWarrants
                to purchase shares of Common Stock
            
            American
                Stock Exchange





**Securities
      registered pursuant to Section 12(g) of the Act:**


None




Check
      whether the Issuer (1) has filed all reports required to be filed by Section
      13
      or 15(d) of the Exchange Act during the past 12 months (or for such shorter
      period that the registrant was required to file such reports), and (2) has
      been
      subject to such filing requirement for the past 90 days. Yes  ̈ No
x




Check
      if
      there is no disclosure of delinquent filers in response to Item 405 of
      Regulation S-B contained in this form, and no disclosure will be contained,
      to
      the best of the registrant’s knowledge, in definitive proxy or information
      statements incorporated by reference in Part III of this Form 10-KSB or any
      amendment to this Form 10-KSB.x




Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act). Yes x  No  ̈




Issuer’s
      revenues for the fiscal year ended June 30, 2007 were $0.




As
      of
      September 25, 2007, the aggregate market value of the common stock held by
      non-affiliates of the Registrant was approximately $58,161,012.




As
      of
      September 25, 2007, there were 9,794,400 shares of Common Stock, $.0001 par
      value per share, outstanding.




Transitional
      Small Business Disclosure Format (check one): Yes  ̈ No
x







**Explanatory
      Note**




Pursuant
      to Rule 15d-2 under the Securities and Exchange Act of 1934, as amended, this
      Annual Report of Alyst Acquisition Corp. contains only financial statements
      for
      the fiscal year ended June 30, 2007.







**ALYST
        ACQUISITION CORP.**
 **(a
        development stage company)**
 
 **INDEX
        TO FINANCIAL STATEMENTS**
 Report
                      of Independent Registered Public Accounting Firm
                  2**Financial
                      Statements**Balance
                      Sheet
                  3Statement
                      of Operations
                  4Statement
                      of changes in Stockholders' Equity
                  5Statement
                      of Cash Flows
                  6Notes
                      to Financial Statements
                  7 -
                      11
  1
  REPORT
        OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM




To
      the Board
      of
      Directors and Stockholders


of
      Alyst
      Acquisition Corp.




We
      have
      audited the accompanying balance sheet of Alyst Acquisition Corp. (a development
      stage company) (the “Company”) as of June 30, 2007, and the related statements
      of operations, changes in stockholders’ equity and cash flows for the period
      from August 16, 2006 (date of inception) to June 30, 2007. These financial
      statements are the responsibility of the Company’s management. Our
      responsibility is to express an opinion on these financial statements based
      on
      our audit.




We
      conducted our audit in accordance with the standards of the Public Company
      Accounting Oversight Board (United States).  Those standards require that
      we plan and perform the audit to obtain reasonable assurance about whether
      the
      financial statements are free of material misstatement. The
      Company is not required to have, nor were we engaged to perform, an audit of
      its
      internal control over financial reporting. Our audit included consideration
      of
      internal control over financial reporting as a basis for designing audit
      procedures that are appropriate in the circumstances, but not for the purpose
      of
      expressing an opinion on the effectiveness of the Company’s internal control
      over financial reporting. Accordingly, we express no such opinion. An
      audit also includes examining, on a test basis, evidence supporting the amounts
      and disclosures in the financial statements, assessing the accounting principles
      used and significant estimates made by management, as well as evaluating the
      overall financial statement presentation.  We believe that our audit
      provide a reasonable basis for our opinion.





In
      our
      opinion, the financial statements referred to above present fairly, in all
      material respects, the financial position of Alyst Acquisition Corp., (a
      development stage company) as of June 30, 2007, and the results of its
      operations and its cash flows for the period from August 16, 2006 (date of
      inception) to June 30, 2007 in conformity with United States generally accepted
      accounting principles.





Melville,
      New York


September
      24, 2007


2




**ALYST
          ACQUISITION CORP.**
 **(a
          development stage company)**
 
 **BALANCE
          SHEET**
 **June
          30, 2007**
 
 **ASSETS****Current
                    Assets:**Cash
                
                $
                65,487**Total
                    current assets**
                
                
                65,487Deferred
                    offering costs
                
                
                127,720**Total
                    assets**
                
                $
                193,207**LIABILITIES
                    AND STOCKHOLDERS' EQUITY****Current
                    Liabilities:**Accrued
                    expenses
                
                $
                2,000Accrued
                    offering costs
                
                
                20,123Notes
                    payable to stockholders
                
                
                150,000**Total
                    current liabilities**
                
                
                172,123**Commitments
                    and contingencies****Stockholders'
                    equity**Preferred
                    stock,$.0001 par value Authorized 1,000,000 shares; none issued
                    or
                    outstanding
                
                
                —Common
                    stock, $.0001 par value Authorized 30,000,000 shares; 1,750,000
                    shares
                    issued and outstanding
                
                
                175Additional
                    paid-in capital
                
                
                24,825Deficit
                    accumulated during the development stage
                
                
                (3,916
                )**Total
                    stockholders' equity**
                
                
                21,084**Total
                    liabilities and stockholders' equity**
                
                $
                193,207
 
 *The
          accompanying notes are an integral part of these financial
          statements.*
  3
 
 **ALYST
          ACQUISITION CORP.**
 **(a
          development stage company)**
 
 **STATEMENT
          OF OPERATIONS**
 **For
          the period August 16, 2006 (inception) to June 30, 2007**
 
 **Formation
                    and operating costs**
                
                $
                (5,452
                )**Interest
                    income**
                
                
                1,536**Net
                    loss for the period**
                
                $
                (3,916
                )**Weighted
                    average number of common shares****outstanding
                    - Basic and diluted**
                
                
                1,750,000**Basic
                    and diluted net loss per share**
                
                $
                (0.00
                )
  *The
          accompanying notes are an integral part of these financial
          statements.*
  4
 
 **ALYST
          ACQUISITION CORP.**
 **(a
          development stage company)**
 
 **STATEMENT
          OF CHANGES IN STOCKHOLDERS' EQUITY**
 **For
          the period August 16, 2006 (inception) to June 30, 2007**
  Common Stock
                
                Additional
                
                Deficit Accumulated
                  During the
                
                Total stockholders'Shares
                
                Amount
                
                paid-in capital
                
                Development Stage
                
                EquityBalance
                    at August 16, 2006
                
                
                —
                
                $
                —
                
                $
                —
                
                $
                —
                
                $
                —Common
                    shares issued at inception at $0.014 per share
                
                
                1,750,000
                
                
                175
                
                
                24,825
                
                
                —
                
                
                25,000Net
                      Loss from August 16, 2006(inception)
                      to June 30, 2007
                
                
                —
                
                
                —
                
                
                —
                
                
                (3,916
                )
                
                (3,916
                )Balance
                    at June 30, 2007
                
                
                1,750,000
                
                $
                175
                
                $
                24,825
                
                $
                (3,916
                )
                $
                21,084
 
 *The
          accompanying notes are an integral part of these financial
          statements.*
 
 5
  **ALYST
          ACQUISITION CORP.**
 **(a
          development stage company)**
 
 **STATEMENT
          OF CASH FLOWS**
 **For
          the period August 16, 2006 (inception) to June 30, 2007**
  **Cash
                    flows from operating activities**Net
                    loss
                
                $
                (3,916
                )Adjustment
                    to reconcile net loss to net cash used in operating
                    activities:Change
                    in operating assets and liabilities:Accrued
                    expenses
                
                
                2,000Net
                    cash used in operating activities
                
                
                (1,916
                )**Cash
                    flows from financing activities**Proceeds
                    from issuance of common stock to initial stockholders
                
                
                25,000Proceeds
                    from notes payable to stockholders
                
                
                150,000Payment
                    of deferred offering costs
                
                
                (107,597
                )Net
                    cash provided by financing activities
                
                
                67,403Net
                    increase in cash
                
                
                65,488Cash
                    at beginning of period
                
                
                —Cash
                    at end of period
                
                $
                65,487**Supplemental
                    disclosure of non-cash Transactions:**Cash
                    paid during period for:Interest
                
                $
                —Taxes
                
                $
                1,1291,129Accrual
                    for deferred offering costsDeferred
                    offering costs
                
                $
                20,123Accrued
                    offering costs
                
                
                (20,123
                )$
                —
 
 *The
          accompanying notes are an integral part of these financial
          statements.*
  6




**Alyst
      Acquisition Corp.**


**(a
      development stage company)**





**Notes
      to Financial Statements**





**1.**  **Organization,
      Business Operations and Significant Accounting Policies**





Alyst
      Acquisition Corp. (the “Company”) was incorporated in Delaware on August 16,
      2006 as a blank check company to serve as a vehicle to effect a merger, capital
      stock exchange, asset acquisition or other similar business combination with
      an
      operating business (“Business Combination”).





At
      June
      30, 2007, the Company had not yet commenced any operations. All activity through
      June 30, 2007 relates to the Company’s formation and the public offering
      described below. The Company has selected June 30 as its fiscal year
      end.





The
      registration statement for the Company’s initial public offering (“Offering”)
      was declared effective June 29, 2007. The Company’s management has broad
      discretion with respect to the specific application of the net proceeds of
      the
      this Offering, although substantially all of the net proceeds of this Offering
      are intended to be generally applied toward consummating a Business Combination
      with an operating business. Furthermore, there is no assurance that the Company
      will be able to successfully effect a Business Combination. Upon the closing
      of
      the Offering, which occurred on July 5, 2007, management agreed that at least
      $7.85 per unit (“Unit”) sold in the Offering will be held in a trust account
      (“Trust Account”) and invested in United States “government securities” within
      the meaning of Section 2(a) (16) of the Investment Company Act of 1940 having
      a
      maturity of 180 days or less or in money market funds meeting certain conditions
      under rule 2a-7 promulgated under the Investment Company Act of 1940 until
      the
      earlier of (i) the consummation of its first Business Combination and (ii)
      liquidation of the Company. The placing of funds in the Trust Account may not
      protect those funds from third party claims against the Company. Although the
      Company will seek to have all vendors, prospective target businesses or other
      entities it engages, execute agreements with the Company waiving any right,
      title, interest or claim of any kind in or to any monies held in the Trust
      Account, there is no guarantee that they will execute such agreements. Certain
      of the Company’s officers and directors have agreed that they will be personally
      liable under certain circumstances to ensure that the proceeds in the Trust
      Account are not reduced by the claims of target businesses or vendors or other
      entities that are owed money by the Company for services rendered, contracted
      for or products sold to the Company. However, there can be no assurance that
      they will be able to satisfy those obligations. The remaining net proceeds
      (not
      held in the Trust Account) may be used to pay for business, legal and accounting
      due diligence on prospective acquisitions and continuing general and
      administrative expenses. Except with respect to interest income that may be
      released to the Company of (i) up to $1,680,000 to fund expenses related to
      investigating and selecting a target business and our other working capital
      requirements and (ii) any additional amounts needed to pay income or other
      tax
      obligations, the proceeds held in trust will not be released from the trust
      account until the earlier of the completion of a Business Combination or
      liquidation of the Company.





The
      Company, after signing a definitive agreement for a Business Combination with
      a
      target business or businesses, is required to submit such transaction for
      stockholder approval. In the event that the stockholders owning 30% or more
      of
      the shares sold in the Offering vote against the Business Combination and
      exercise their conversion rights described below, the Business Combination
      will
      not be consummated. All of the Company’s stockholders prior to the Offering,
      including all of the officers and directors of the Company (“Initial
      Stockholders”) have agreed to vote all of their founding shares of common stock
      in accordance with the vote of the majority in interest of all other
      stockholders of the Company (“Public Stockholders”) with respect to any Business
      Combination. After consummation of a Business Combination, these voting
      restrictions will no longer apply.




7




With
      respect to a Business Combination which is approved and consummated, any Public
      Stockholder who voted against the Business Combination may demand that the
      Company convert his or her shares into cash from the Trust Fund. The per share
      conversion price will equal the amount in the Trust Account, calculated as
      of
      two business days prior to the consummation of the proposed Business
      Combination, divided by the number of shares of common stock held by Public
      Stockholders at the consummation of the Offering. Accordingly, Public
      Stockholders holding 29.99% of the aggregate number of shares owned by all
      Public Stockholders may seek conversion of their shares in the event of a
      Business Combination. Such Public Stockholders are entitled to receive their
      per
      share interest in the Trust Account computed without regard to the shares held
      by Initial Stockholders.





The
      Company’s Certificate of Incorporation was amended on June 29, 2007 (“Effective
      Date”) to provide that the Company will continue in existence only until 24
      months from the Effective date of the registration statement relating to the
      Offering, or June 29, 2009. If the Company has not completed a Business
      Combination by such date, its corporate existence will cease except for the
      purposes of liquidating and winding up its affairs. In the event of liquidation,
      it is possible that the per share value of the residual assets remaining
      available for distribution (including Trust Fund assets) will be less than
      the
      initial public offering price per Unit in the Offering.





***Loss
      Per Share:***




Loss
      per
      share is computed by dividing net loss by the weighted-average number of shares
      of common stock outstanding during the period. Since there are no potentially
      dilutive securities, basic and diluted loss per share are
      identical.





***Income
      Taxes:***




Deferred
      income taxes are provided for the differences between the basis of assets and
      liabilities for financial reporting and income tax purposes. A valuation
      allowance is established when necessary to reduce deferred tax assets to the
      amount expected to be realized.





***Cash
      and Cash Equivalents:***




All
      highly liquid investments with a maturity of three months or less when purchased
      are considered to be cash equivalents. Cash equivalents are stated at cost,
      which approximates market value.





***Use
      of Estimates:***




The
      preparation of financial statements in conformity with accounting principles
      generally accepted in the United States of America requires management to make
      estimates and assumptions that affect the reported amounts of assets and
      liabilities at the date of the financial statements and the reported amounts
      of
      expenses during the reporting period. Actual results could differ from those
      estimates.




8




***Fair
      Values***




The
      Company has determined the estimated fair value amounts presented in these
      financial statements using available market information and appropriate
      methodologies. However, considerable judgment is required in interpreting market
      data to develop the estimates of fair value. The estimates presented in the
      financial statements are not necessarily indicative of the amounts that the
      Company could realize in a current market exchange. The use of different market
      assumptions and/or estimation methodologies may have a material effect on the
      estimated fair value amounts. The Company has based these fair value estimates
      on pertinent information available to it as of June 30, 2007. As of June 30,
      2007, the carrying value of all financial instruments approximates fair
      value.





***New
      Accounting Pronouncements:***




In
      July
      2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation
      No. 48, “Accounting for Uncertainty in Income Taxes”, (“FIN 48”). This
      interpretation clarified the accounting for uncertainty in income taxes
      recognized in accordance with Statement of Financial Accounting Standards
      (“SFAS”) No. 109, “Accounting for Income Taxes” (“SFAS No. 109”). Specifically,
      FIN 48 clarifies the application of SFAS No. 109 by defining a criterion that
      an
      individual tax position must meet for any part of the benefit of that position
      to be recognized in an enterprise’s financial statements. Additionally, FIN 48
      provides guidance on measurement, derecognition, classification, interest and
      penalties, accounting in interim periods of income taxes, as well as the
      required disclosure and transition. This interpretation is effective for fiscal
      years beginning after December 15, 2006. The Company is currently evaluating
      the
      requirement of FIN 48 and has not yet determined if adoption of FIN 48 will
      have
      a significant impact on its financial statements.





In
      February 2006, the FASB issued SFAS No. 155 “Accounting for Certain Hybrid
      Financial Instruments, an amendment of FASB Statements 133 and 140”, (“SFAS
      155”). SFAS No. 155 clarifies certain issues relating to embedded derivatives
      and beneficial interests in securitized financial assets. The provisions of
      SFAS
      No. 155 are effective for all financial instruments acquired or issued after
      fiscal years beginning after September 15, 2006. The Company currently does
      not
      have any embedded derivatives or beneficial interests in securitized financial
      assets.





In
      September 2006, the FASB issued SFAS No. 157 (“SFAS 157”), “Fair Value
      Measurements.” Among other requirements, SFAS 257 defines fair value and
      establishes a framework for measuring fair value and also expands disclosure
      about the use of fair value to measure assets and liabilities. SFAS 157 is
      effective beginning the first fiscal year that begins after November 15, 2007.
      The Company is currently evaluating the impact of SFAS 157 on its financial
      position and results of operations.





Management
      does not believe that any recently issued, but not yet effective, accounting
      standards if currently adopted would have a material effect on the accompanying
      financial statements.





**2.**  **Initial
      Public Offering**





The
      Offering calls for the Company to offer for public sale 7,000,000 Units at
      a
      price of $8.00 per Unit (plus up to an additional 1,050,000 units solely to
      cover over-allotments, if any). Each Unit consists of one share of the Company’s
      common stock and one Redeemable Common Stock Purchase Warrant (“Warrant”). Each
      Warrant will entitle the holder to purchase from the Company one share of common
      stock at an exercise price of $5.00 commencing the later of the completion
      of a
      Business Combination and one year from the Effective Date, June 29, 2008, and
      expiring four years from the Effective Date, June 28, 2011. The Company may
      redeem the Warrants, with the prior consent of Ferris, Baker Watts Incorporated
      and Jesup & Lamont Securities Corporation, the representative
      (“Representatives”) of the underwriters in the Offering, at a price of $0.01 per
      Warrant upon 30 days’ notice after the Warrants become exercisable, only in the
      event that the last sale price of the common stock is at least $11.50 per share
      for any 20 trading days within a 30 trading day period ending on the third
      day
      prior to the date on which the notice of redemption is given. In accordance
      with
      the warrant agreement relating to the Warrants to be sold and issued in the
      Offering, the Company is only required to use its best efforts to maintain
      the
      effectiveness of the registration statement covering the Warrants. The Company
      will not be obligated to deliver securities, and there are no contractual
      penalties for failure to deliver securities, if a registration statement is
      not
      effective at the time of exercise. Additionally, in the event that a
      registration is not effective at the time of exercise, the holder of such
      Warrant shall not be entitled to exercise such Warrant and in no event (whether
      in the case of a registration statement not being effective or otherwise) will
      the Company be required to net cash settle the warrant exercise. Consequently,
      the Warrants may expire unexercised and unredeemed.





9




The
      Company will pay the underwriters in the Offering an underwriting discount
      of 7%
      of the gross proceeds of the Offering and a non-accountable expense allowance
      of
      1% of the gross proceeds of the Offering. However, the underwriters agreed
      that
      3.27 percentage points of the underwriting discount and the entire
      non-accountable expense allowance of 1% of the gross proceeds will not be
      payable unless and until the Company completes a Business Combination and have
      waived their right to receive such payment upon the Company’s liquidation if it
      is unable to complete a Business Combination. The Company will also issue a
      unit
      purchase option, for $100, to the Representative, on the Effective Date, June
      29, 2007 to purchase 300,000 Units at an exercise price of $10.00 per Unit.
      The
      Company will account for the fair value of the unit purchase option, inclusive
      of the receipt of the $100 cash payment, as an expense of the Offering resulting
      in a charge directly to stockholders’ equity. The Company estimates that the
      fair value of this unit purchase option is approximately $1,026,000 ($3.42
      per
      Unit underlying the unit purchase option) using a Black-Scholes option-pricing
      model. The fair value of the unit purchase option granted to the Representative
      is estimated as of the date of grant using the following assumptions: (1)
      expected volatility of 45%, (2) risk-free rate of 4.65% and (3) expected life
      of
      5 years. The unit purchase option may be exercised for cash or on a “cashless”
basis, at the holder’s option, such that the holder may use the appreciated
      value of the Units underlying the unit purchase option (the difference between
      the market price of the Units and the exercise price of the unit purchase
      option) to exercise the unit purchase option without the payment of any cash.
      The Company will have no obligation to net cash settle the exercise of the
      unit
      purchase option or the Warrants underlying the unit purchase option. The holder
      of the unit purchase option will not be entitled to exercise the unit purchase
      option or the Warrants underlying the unit purchase option unless a registration
      statement covering the securities underlying the unit purchase option is
      effective or an exemption from registration is available. If the holder is
      unable to exercise the unit purchase option or underlying Warrants, the unit
      purchase option or Warrants, as applicable, will expire worthless.





**3.**  **Deferred
      Offering Costs**





Deferred
      offering costs amounting to $127,720 consist of legal and accounting fees
      incurred for the period August 16, 2006 (inception) to June 30, 2007 related
      to
      the Offering and will be charged to stockholders’ equity upon the consummation
      of the Offering on July 5, 2007.





10




**4.**  **Notes
      Payable, Stockholders**





The
      Company issued a total of $150,000 of unsecured promissory notes to four Initial
      Stockholders, who are also officers and directors of the Company, as of
      September 1, 2006. The notes are non-interest bearing and become payable upon
      the consummation of the Offering. Due to the short-term nature of the notes,
      the
      fair value of the notes approximates the carrying amount. These notes were
      repaid on July 9, 2007.





**5.**  **Commitments
      and Contingencies**





There
      is
      no material litigation currently pending against the company or any members
      of
      our management team in their capacity as such.





The
      Initial Stockholders have waived their right to receive distribution with
      respect to their founding shares upon the Company’s liquidation.





**6.**  **Preferred
      Stock**





The
      Company is authorized to issue 1,000,000 shares of preferred stock with such
      designations, voting and other rights and preferences as may be determined
      from
      time to time by the Board of Directors.





The
      agreement with the underwriters prohibits the Company, prior to a Business
      Combination, from issuing preferred stock which participates in the proceeds
      of
      the Trust Account or which votes as a class with the Common Stock on a Business
      Combination.





**7.**  **Subsequent
      Event**





On
      July
      5, 2007, the Company sold 8,044,400 Units, including 1,044,400 Units from the
      exercise of the Underwriters’ over-allotment option, at an Offering price of
      $8.00 per Unit. Accordingly, the Company received net proceeds of $61,393,891
      from the Offering and $1,820,000 from the sale of the insider warrants on a
      private placement basis. An amount of $63,154,286 of the net proceeds of the
      Offering and the sale of the insider warrants was deposited in the Trust
      Account. Each Unit consists of one share of the Company’s common stock, $0.0001
      par value, and one Warrant. Each Warrant will entitle the holder to purchase
      from the Company one share of common stock at an exercise price of $5.00
      commencing the later of the completion of a Business Combination or June 29,
      2008 and expiring June 29, 2011. The Company may redeem the Warrants, with
      the
      prior consent of the Representatives of the underwriters of the Offering, at
      a
      price of $0.01 per Warrant upon 30 days’ notice after the Warrants become
      exercisable, in the event that the last sale price of the common stock is at
      least $11.50 per share for any 20 trading days within a 30 trading day period
      ending on the third day prior to the date on which the notice of redemption
      is
      given. In accordance with the warrant agreement relating to the Warrants sold
      and issued in the Offering, the Company is only required to use its best efforts
      to maintain the effectiveness of the registration statement covering the
      Warrants. The Company will not be obligated to deliver securities, and there
      are
      no contractual penalties for failure to deliver securities, if a registration
      statement is not effective at the time of exercise. Additionally, in the event
      that a registration statement is not effective at the time of exercise, the
      holder of such Warrant shall not be entitled to exercise such Warrant and in
      no
      event (whether in the case of a registration statement not being effective
      or
      otherwise) will the Company be required to settle the Warrant exercise, whether
      by net cash settlement or otherwise. Consequently, the Warrants may expire
      unexercised and unredeemed and an investor in the Offering may effectively
      pay
      the full Unit price solely for the shares of common stock included in the Units
      (since the Warrants may expire worthless).


11




**SIGNATURES**





Pursuant
      to the requirements of the Section 13 or 15 or 15(d) of the Securities Exchange
      Act of 1934, the registrant has duly caused this report to be signed on its
      behalf by the undersigned, thereunto duly authorized on the 25 th day of
      September, 2007.





**ALYST
                ACQUISITION CORP.**By:
            /s/
                Dr. William WekselDr.
                William WekselChief
                Executive Officer(Principal
                Executive Officer)





In
      accordance with the Securities Exchange Act of 1934, this report has been signed
      below by the following persons on behalf of the registrant and in the capacities
      and on the dates indicated.





Name
            
            Title
            
            Date/s/
                Robert A. Schriesheim
            
            Chairman
                of the Board
            
            September
                25, 2007Robert
                A. Schriesheim/s/
                Dr. William Weksel
            
            Chief
                Executive Officer
            
            September
                25, 2007Dr.
                William Weksel
            
            (Principal
                Executive Officer) and
              Director/s/
                Michael E. Weksel
            
            Chief
                Operating Officer, Chief
            
            September
                25, 2007Michael
                E. Weksel
            
            Financial
                Officer
              and
                Director (Principal Financial and
              Accounting
                Officer)/s/
                Paul Levy
            
            Director
            
            September
                25, 2007Paul
                Levy/s/
                Matthew Botwin
            
            Director
            
            September
                25, 2007Matthew
                Botwin




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