Sagaliam Acquisition Corp: Nasdaq/NYSE listing notice — Sagaliam receives Nasdaq delisting notice for MVLS deficiency; extends de-SPAC deadline to June 23

Sagaliam Acquisition Corp

Received Nasdaq delisting notice on May 26 for MVLS below $50M; has 180 days (until Nov 22, 2023) to regain compliance.
Extended business combination deadline to June 23, 2023 by depositing $57,380.22 into trust (sixth of ten monthly extensions).
If compliance not regained, securities subject to delisting; company may appeal or transfer to Nasdaq Capital Market.
Company continues to pursue a business combination; no assurance of regaining compliance with MVLS Rule.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.82

Sagaliam Acquisition Corp received a nasdaq delisting notice notice regarding market value (rules 5450(b)(2)(A), 5810(c)(3)(C)).

Exchange: nasdaq
Notice: delisting notice
Deficiency: market value
Rules: 5450(b)(2)(A), 5810(c)(3)(C)

Exact text from the filing

November 22, 2023 (the “Compliance Date”), to regain compliance with the MVLS Rule. To regain compliance with the MVLS Rule, the Company’s MVLS must equal or exceed $50 million for a minimum of 10 consecutive business days at any time prior to the Compliance Date. If the Company regains compliance with the MVLS Rule, Nasdaq will provide the Company with written confirmation and will close the matter. In the event that the Company does not regain compliance with the MVLS Rule by the Compliance Date, it will receive written notification that its securities are subject to delisting. At that time

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Source: SEC EDGAR

accession 0001493152-23-019729

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