SAGALIAM ACQUISITION CORP. REGAINS COMPLIANCE WITH NASDAQ LISTING RULE 5250(C)(1)
June 02 2023 - 1:50PM
Sagaliam Acquisition Corp. (NASDAQ: “SAGAU”, “SAGA”, “SAGAR”)
(“we”, “us”, “our”, or the “Company”) announced today that it
received notice from the Listing Qualifications
Department of the Nasdaq Stock Market (“Nasdaq”)
on June 1, 2023 indicating that the Company has regained
compliance with Nasdaq Listing Rules 5250(c)(1).
On April 19, 2023 (the “April 19 Letter”),
Nasdaq notified Sagaliam Acquisition Corp. (the “Company”) that the
Company no longer met the periodic filing requirement for The
Nasdaq Stock Market under Listing Rule 5250(c)(1) (the “Rule”). On
May 22, 2023, the Company filed its Form 10-K for the period ended
December 31, 2022. On June 1, 2022, Nasdaq notified the Company
that based on the May 22, 2023 filing of the Company’s Form 10-K
for the period ended December 31, 2022, Nasdaq has determined that
the Company complies with the Rule. Accordingly, Nasdaq informed
the Company that it considered the matter to be closed and no
further action required by the Company in connection with the April
19 Letter.
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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