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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): Nov 20, 2023
Sagaliam
Acquisition Corp.
(Exact
name of registrant as specified in its charter)
| Delaware |
|
001-41182 |
|
86-3006717 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
Barry
Kostiner
1490
N.E. Pine Island Rd., Suite 5-D
Cape
Coral, FL 33909
(Address of principal executive offices, including zip code)
Registrant’s
telephone number, including area code: (845) 925-4597
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| ☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| |
|
|
|
|
| Units, each consisting
of one share of Class A common stock, par value $0.0001 per share, and right |
|
SAGAU |
|
The
Nasdaq Stock Market LLC |
| Class A common stock included
as part of the units |
|
SAGA |
|
The
Nasdaq Stock Market LLC |
| Rights included as part
of the units |
|
SAGAR |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| Item 3.01 |
Notice of Litigation
and Temporary Restraining Order on Extension Proxy |
On
November 20, 2023, the US District Court for the District of Delaware issued a Temporary Restraining Order pursuant to Rule 65(b) of
the Federal Rules of Civil Procedure. Sagaliam is restrained and enjoined from convening a shareholders meeting on Nov 21, 2023 or any
date thereafter to conduct a shareholder vote on a proposal to extend the Deadline Date, until a preliminary injunction is adjudicated
in favor of Sagaliam.
A
hearing on the portion of the Motion seeking issuance of a Preliminary Injunction is set for Dec 11, 2023 at 10 am.
In
GLD Partners LP and Sponsor Member LLC vs Sagaliam Acquisition Corp, Case No. 1:99-mc-09999 filed on 7 Nov 23 (US District Court
for the District of Delaware) claims are asserted that the transaction with VIRO and BGEN disenfranchises GLD of its voting rights.
In
Supraeon Investments Inc. vs Sagaliam Acquisition Corp, Case No. N23C-09-131 SKR CCLD filed on 15 Sep 23 (Superior Court of the
State of Delaware) claims are asserted that the Company owes a $1,000,000 termination fee in connection with the previously proposed
AEC acquisition.
Disclaimer
This
Current Report on Form 8-K is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to
sell, subscribe for or buy any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transactions or
otherwise, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. 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.
INVESTMENT
IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION (“SEC”)
OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE PROPOSED TRANSACTIONS OR THE ACCURACY
OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Forward
Looking Statements
The
disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe
harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied
by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate
future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited
to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics and projections
of market opportunity and expectations, Company’s ability to enter into a definitive business combination agreement and Company’s
ability to obtain the financing necessary to consummate the potential business combination transaction. These statements are based on
various assumptions and on the current expectations of Company’s management and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by
any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances
are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control
of Company. These forward-looking statements are subject to a number of risks and uncertainties, including: Company’s ability to
enter into a definitive agreement with respect to the proposed business combination or consummate a transaction; the risk that the approval
of the stockholders of Company for the potential transaction is not obtained; failure to realize the anticipated benefits of the potential
transaction, including as a result of a delay in consummating the potential transaction or difficulty in integrating the businesses of
Company; the amount of redemption requests made by Company’s stockholders and the amount of funds remaining in Company’s
trust account after satisfaction of such requests; those factors discussed in Company’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2022 under the heading “Risk Factors,” and other documents of Company filed, or to be filed, with
the SEC. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by
these forward-looking statements. There may be additional risks that Company presently does not know or that Company currently believes
are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking
statements reflect Company’s expectations, plans or forecasts of future events and views as of the date hereof. Company anticipates
that subsequent events and developments will cause Company’s assessments to change. However, while Company may elect to update
these forward-looking statements at some point in the future, Company specifically disclaims any obligation to do so. These forward-looking
statements should not be relied upon as representing Company’s assessments as of any date subsequent to the date of this disclosure
statement. Accordingly, undue reliance should not be placed upon the forward-looking statements.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| |
Sagaliam Acquisition Corp. |
| |
|
| |
By: |
/s/
Barry Kostiner |
| |
Name: |
Barry Kostiner |
| |
Title: |
Chief Executive Officer |
| |
|
|
| Dated:
Nov 20, 2023 |
|
|
Exhibit
99.1
SAGALIAM
ACQUISITION CORP. ANNOUNCES A TEMPORARY RESTRAINING ORDER ON ITS EXTENSION PROXY SHAREHOLDER MEETING
New
York, NY November 20, 2023 – Sagaliam Acquisition Corp. (NASDAQ: “SAGAU”, “SAGA”, “SAGAR”)
(“we”, “us”, “our”, or the “Company”) announced today that
it received a Temporary Restraining Order on its extension proxy shareholder meeting.
On
November 20, 2023, the US District Court for the District of Delaware issued a Temporary Restraining Order pursuant to Rule 65(b) of
the Federal Rules of Civil Procedure. Sagaliam is restrained and enjoined from convening a shareholders meeting on Nov 21, 2023 or any
date thereafter to conduct a shareholder vote on a proposal to extend the Deadline Date, until a preliminary injunction is adjudicated
in favor of Sagaliam.
A
hearing on the portion of the Motion seeking issuance of a Preliminary Injunction is set for Dec 11, 2023 at 10 am.
In
GLD Partners LP and Sponsor Member LLC vs Sagaliam Acquisition Corp, Case No. 1:99-mc-09999 filed on 7 Nov 23 (US District Court
for the District of Delaware) claims are asserted that the transaction with VIRO and BGEN disenfranchises GLD of its voting rights.
The
Company intends to vigorously defend the lawsuit, and believes that it has no basis in fact or law. In a 13D submitted by GLD Sponsor
Member, LLC on April 25, 2023 it is disclosed that GLD Sponsor Member entered into an Insider Letter on December 20, 2022 including the
provision to: “vote any shares of Common Stock owned by it in favor of any proposed Business Combination”. The extension
proxy is a necessary precondition to the Business Combination Agreement, and is thus included in the parameters of the voting agreement
included in the Insider Letter.
In
Supraeon Investments Inc. vs Sagaliam Acquisition Corp, Case No. N23C-09-131 SKR CCLD filed on 15 Sep 23 (Superior Court of the
State of Delaware) claims are asserted that the Company owes a $1,000,000 termination fee in connection with the previously proposed
AEC acquisition. GLD is the controlling entity of Supraeon.
The
Company intends to vigorously defend the lawsuit, and believes that it has no basis in fact or law. In an 8-K submitted by the Company
on March 1, 2023 it was noted that “Sagaliam contends that it has no obligation to pay a termination fee.” It is the belief
of the Company that there is no termination fee owed, and as a result of conflicts amongst multiple entities controlled by GLD, if a
termination fee were to be owed, it would be owed by GLD.
About
Enzolytics
Enzolytics,
Inc. is a drug development company committed to commercializing its proprietary proteins and monoclonal antibodies to treat debilitating
infectious diseases. The Company is advancing multiple therapeutics targeting numerous infectious diseases. One patented and clinically
tested compound, ITV-1 (Immune Therapeutic Vaccine-1), is a suspension of Inactivated Pepsin Fraction (IPF), covered by U.S. Patent Nos.
8,066,982 and 7,479,538. Studies have shown it to be effective in treating HIV/AIDS. ITV-1 has also been shown to modulate the immune
system.
The
Company has proprietary technology for producing fully human monoclonal antibodies (mAbs) against infectious diseases which is currently
being employed to produce monoclonal antibody therapeutics for treating the CoronaVirus (SARS-CoV-2), HIV-1 and the Feline Leukemia virus.
The Company has also identified conserved epitopes on and has plans to produce mAbs targeting many other viruses, including HIV-2, Influenza
A and B, H1N1 influenza, Respiratory syncytial virus (RSV), Small-Pox, Ebola Virus, Tetanus, Diphtheria, HTLV-1/2, Rabies, Herpes zoster,
Varicella zoster, Anthrax, Mason-Pfizer monkey virus (MPMV) and Visna virus (VISNA). The Company has also analyzed epitopes of animal
viruses and plans to produce mAbs for treating these animal viruses.
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.
Forward
Looking Statements
The
disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe
harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied
by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate
future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited
to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics and projections
of market opportunity and expectations, Company’s ability to enter into a definitive business combination agreement and Company’s
ability to obtain the financing necessary to consummate the potential business combination transaction. These statements are based on
various assumptions and on the current expectations of Company’s management and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by
any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances
are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control
of Company. These forward-looking statements are subject to a number of risks and uncertainties, including: Company’s ability to
enter into a definitive agreement with respect to the proposed business combination or consummate a transaction; the risk that the approval
of the stockholders of Company for the potential transaction is not obtained; failure to realize the anticipated benefits of the potential
transaction, including as a result of a delay in consummating the potential transaction or difficulty in integrating the businesses of
Company; the amount of redemption requests made by Company’s stockholders and the amount of funds remaining in Company’s
trust account after satisfaction of such requests; those factors discussed in Company’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2022 under the heading “Risk Factors,” and other documents of Company filed, or to be filed, with
the SEC. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by
these forward-looking statements. There may be additional risks that Company presently does not know or that Company currently believes
are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking
statements reflect Company’s expectations, plans or forecasts of future events and views as of the date hereof. Company anticipates
that subsequent events and developments will cause Company’s assessments to change. However, while Company may elect to update
these forward-looking statements at some point in the future, Company specifically disclaims any obligation to do so. These forward-looking
statements should not be relied upon as representing Company’s assessments as of any date subsequent to the date of this disclosure
statement. Accordingly, undue reliance should not be placed upon the forward-looking statements.
CONTACT
INFORMATION
Sagaliam
Acquisition Corp.,
Barry
Kostiner, Chief Executive Officer
1490
N.E. Pine Island Rd., Suite 5-D
Cape
Coral, FL 33909Tel: (845) 925-4597
bkostiner@fintecham.com
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us-gaap_StatementClassOfStockAxis=SAGAU_ClassCommonStockIncludedAsPartOfUnitsMember |
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na |
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Sagaliam Acquisition (NASDAQ:SAGAU)
Historical Stock Chart
From Apr 2024 to May 2024
Sagaliam Acquisition (NASDAQ:SAGAU)
Historical Stock Chart
From May 2023 to May 2024
