SAGALIAM ACQUISITION CORP. CONFIRMS FUNDING AND EXTENSION OF DEADLINE TO COMPLETE INITIAL BUSINESS COMBINATION
24 December 2022 - 3:25AM
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 January 23, 2023 and 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 initial business combination from December 23,
2022 to January 23, 2023 (the “Extension”). The Extension is the
first 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, which we refer to throughout
this proxy statement as our “initial business combination.” 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.
Additional Information About the
Transactions
In connection with the Special Meeting, Company
has filed with the SEC and sent to its stockholders a definitive
proxy statement. COMPANY’S STOCKHOLDERS AND OTHER INTERESTED
PERSONS ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT, AS WELL
AS ANY AMENDMENTS THERETO, IN CONNECTION WITH COMPANY’S
SOLICITATION OF PROXIES FOR THE SPECIAL MEETING TO APPROVE THE
EXTENSION AMENDMENT PROPOSAL AND THE OTHER PROPOSALS SET FORTH
THEREIN, BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE
SPECIAL MEETING. The definitive proxy statement has been mailed to
Company’s stockholders as of the record date for the Special
Meeting. Company’s stockholders can also obtain copies of the
definitive proxy statement, and all other relevant documents filed
or that will be filed with the SEC in connection with the Special
Meeting, without charge, at the SEC’s website at http://www.sec.gov
or by directing a request to: Sagaliam Acquisition Corp., Barry
Kostiner, Chief Executive Officer, 1800 Avenue of the Stars, Suite
1475, Los Angeles, CA 90067; Tel: (213) 616-0011;
bkostiner@fintecham.com.
Participants in the
Solicitation
Company and certain of their respective
directors, executive officers and other members of management and
employees may be deemed participants in the solicitation of proxies
of Company’s stockholders in connection with the Special Meeting.
COMPANY’S STOCKHOLDERS AND OTHER INTERESTED PERSONS MAY OBTAIN,
WITHOUT CHARGE, MORE DETAILED INFORMATION REGARDING THE DIRECTORS
AND OFFICERS OF COMPANY IN ITS ANNUAL REPORT ON FORM 10-K FOR THE
FISCAL YEAR ENDED DECEMBER 31, 2021, WHICH WAS FILED WITH THE SEC
ON APRIL 12, 2022. INFORMATION REGARDING THE PERSONS WHO MAY, UNDER
SEC RULES, BE DEEMED PARTICIPANTS IN THE SOLICITATION OF PROXIES TO
COMPANY’S STOCKHOLDERS IN CONNECTION WITH THE SPECIAL MEETING SET
FORTH IN THE DEFINITIVE PROXY STATEMENT THAT COMPANY HAS FILED FOR
THE SPECIAL MEETING AND OTHER MATTERS TO BE VOTED AT THE PROPOSED
TRANSACTION SPECIAL MEETING WILL BE SET FORTH IN THE REGISTRATION
STATEMENT FOR THE PROPOSED TRANSACTION WHEN AVAILABLE. Additional
information regarding the interests of participants in the
solicitation of proxies in connection with the Special Meeting is
included in the definitive proxy statement that Company has filed
with the SEC for the Special Meeting.
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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