New York, NY, June 29, 2023 (GLOBE NEWSWIRE) -- 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 Officer
1800 Avenue of the Stars, Suite 1475
Los Angeles, CA 90067
Tel: (213) 616-0011
bkostiner@fintecham.com
