SAGALIAM ACQUISITION CORP. CONFIRMS FUNDING AND EXTENSION OF DEADLINE TO COMPLETE BUSINESS COMBINATION
June 29 2023 - 12:22PM
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 July 23, 2023.
Business Combination
Extension
The date by which the Company has to complete
its business combination has been extended by the Company from June
23, 2023 to July 23, 2023 (the “Extension”) by depositing
$57,380.22 into the trust account for its public stockholders. The
Extension is the seventh of ten one-month extensions permitted
under the Company’s governing documents and provides the Company
with additional time to complete its business combination.
Completion of Sale of Membership
Interests in Sagaliam Sponsor,
LLC
On June 26, 2023, GLD Sponsor Member, LLC (“GLD
Sponsor”) completed the sale of its membership interests in
Sagaliam Sponsor, LLC (“Sponsor”) to BN Holdings Trust (“BN
Holdings”). In connection with the completion of the sale of GLD
Sponsor’s membership interests in Sponsor, George Caruolo, Gabriel
Del Virginia and Glauco Lolli-Ghetti resigned from the Company’s
Board of Directors. None of Messrs. Caruolo, Del Virginia or
Lolli-Ghetti advised the Company of any disagreement with the
Company on any matter relating to its operations, policies or
practices.
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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