secwatch.observer — SEC 8-K summary
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Issuer:     Sagaliam Acquisition Corp (—)
CIK:        0001855351
Form:       8-K
Filed at:   2023-06-01T23:59:59+00:00
Accession:  0001493152-23-019729
Event type: regulatory
Sentiment:  negative
Materiality: 0.60
Item codes: 3.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sagaliam receives Nasdaq delisting notice for MVLS deficiency; extends de-SPAC deadline to June 23
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1855351/000149315223019729/0001493152-23-019729-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1855351/000149315223019729/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-019729

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