SAGALIAM ACQUISITION CORP. CONFIRMS FUNDING AND EXTENSION OF DEADLINE TO COMPLETE BUSINESS COMBINATION
01 Juni 2023 - 7:20AM
Sagaliam Acquisition Corp. (NASDAQ: “SAGAU”, “SAGA”, “SAGAR”)
(“we”, “us”, “our”, or the “Company”) announced today that it was
exercising its option to extend the time available to consummate
its business combination to June 23, 2023.
Business Combination
Extension
The date by which the Company has to complete
its business combination has been extended by the Company from May
23, 2023 to June 23, 2023 (the “Extension”) by depositing
$57,380.22 into the trust account for its public stockholders. The
Extension is the sixth of ten one-month extensions permitted under
the Company’s governing documents and provides the Company with
additional time to complete its business combination.
NASDAQ Delisting Notice
On May 26, 2023, Sagaliam Acquisition Corp. (the
“Company”) received a letter (the “Letter”) from the Listing
Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”)
notifying the Company that, for the last 30 consecutive business
days prior to the date of the Letter, the Company’s Market Value of
Listed Securities (“MVLS”) was below the $50 million minimum MVLS
requirement for continued listing on the Nasdaq Global Market under
Nasdaq Listing Rule 5450(b)(2)(A) (the “MVLS Rule”). The Letter is
only a notification of deficiency, not of imminent delisting, and
has no current effect on the listing or trading of the Company’s
securities.
In accordance with Nasdaq Listing Rule
5810(c)(3)(C), the Company will have 180 calendar days, or until
November 22, 2023 (the “Compliance Date”), to regain compliance
with the MVLS Rule. To regain compliance with the MVLS Rule, the
Company’s MVLS must equal or exceed $50 million for a minimum of 10
consecutive business days at any time prior to the Compliance Date.
If the Company regains compliance with the MVLS Rule, Nasdaq will
provide the Company with written confirmation and will close the
matter.
In the event that the Company does not regain
compliance with the MVLS Rule by the Compliance Date, it will
receive written notification that its securities are subject to
delisting. At that time, the Company may appeal the delisting
determination to a Hearings Panel. The Letter notes that the
Company may be eligible to transfer the listing of its securities
to the Nasdaq Capital Market (provided that it then satisfies the
requirements for continued listing on that market). The Company is
monitoring its MVLS and will consider its available options to
regain compliance with the MVLS Rule; however, there can be no
assurance that the Company will be able to regain compliance with
the MVLS Rule.
About Sagaliam Acquisition
Corp.
We are a blank check company incorporated under
the laws of the State of Delaware on March 31, 2021 for the purpose
of effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with
one or more businesses or entities. Sagaliam intends to continue to
pursue the consummation of a business combination with an
appropriate target.
Non-Solicitation
This press release is not a proxy statement or
solicitation of a proxy, consent, or authorization with respect to
any securities shall not constitute an offer to sell or a
solicitation of an offer to buy the securities of the Company, nor
shall there be any sale of any such securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act of 1933, as
amended.
CONTACT INFORMATION
Sagaliam Acquisition Corp.,Barry Kostiner, Chief
Executive Officer1800 Avenue of the Stars, Suite 1475Los Angeles,
CA 90067Tel: (213) 616-0011bkostiner@fintecham.com
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