SAGALIAM ACQUISITION CORP. CONFIRMS FUNDING AND EXTENSION OF DEADLINE TO COMPLETE BUSINESS COMBINATION
April 03 2023 - 6:45AM
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 April 23, 2023.
Membership Interest Purchase
Agreement
On March 23, 2023, GLD Sponsor Member, LLC, a
Delaware limited liability company (the “Seller”), entered into a
Membership Interest Purchase Agreement (the “Purchase Agreement”)
with BN Holdings Trust, a Nevada Trust (“BN Holdings Trust”) and
Sagaliam Sponsor, LLC (the “Sponsor”), pursuant to which BN
Holdings Trust agreed to purchase all of the issued and outstanding
equity interests in the Sponsor from the Seller, which
constitutes 100% of the membership interests in the Sponsor. The
consummation of the transactions contemplated by the Purchase
Agreement (the “Closing”) shall take place at 10:00 am., New York
time, on or before April 14, 2023.
Business Combination
Extension
The date by which the Company has to complete
its business combination has been extended by the Company from
March 23, 2023 to April 23, 2023 (the “Extension”) by depositing
$57,380.22 into the trust account for its public stockholders. The
Extension is the fourth of ten one-month extensions permitted under
the Company’s governing documents and provides the Company with
additional time to complete its business combination.
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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