SAGALIAM ACQUISITION CORP. CONFIRMS FUNDING AND EXTENSION OF DEADLINE TO COMPLETE BUSINESS COMBINATION
February 24 2023 - 6:30AM
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 March 23, 2023 and on February 23,
2023, our sponsor, Sagaliam Sponsor LLC, has deposited an aggregate
of $57,380.22 into Company’s trust account for its public
stockholders. This deposit enables the Company to extend the date
by which the Company has to complete its business combination from
February 23, 2023 to March 23, 2023 (the “Extension”). The
Extension is the third of ten one-month extensions permitted under
the Company’s governing documents.
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. On November 16, 2022, we
entered into a Business Combination Agreement (the “BCA”) with
Allenby Montefiore Limited, a private company limited by shares
organized and existing under the Laws of the Republic of Cyprus,
AEC Merger Sub Corp., a Delaware corporation, Supraeon Investments
Limited, a private company limited by shares organized and existing
under the Laws of the Republic of Cyprus and GLD Partners, LP, a
Delaware limited partnership. Completion of the business
combination is subject to, among other matters, the satisfaction of
the conditions precedent negotiated in the BCA and the approval of
the transaction by our stockholders.
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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