Sagaliam Acquisition Corp: Nasdaq/NYSE listing notice — Sagaliam receives Nasdaq delisting notice for multiple violations; shares to be suspended Dec 14 if no appeal

Sagaliam Acquisition Corp

Nasdaq delisting notice on Dec 8 cites failure to obtain shareholder approval for 47.9M share issuance (from 1.47M to 49.3M) related to Virogentics/Biogensys acquisition.
Additional violations: failure to file timely Q2/Q3 10-Qs, maintain 400 total holders, disclose closing of Business Combination, and notify Nasdaq of share increase.
Trading suspension set for Dec 14, 2023 if appeal not requested by Dec 12; company intends to appeal and take all possible steps to maintain listing.
March 31, 2023 Form 10-Q deemed substantially deficient because not reviewed by independent auditors; company plans to amend filing.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Sagaliam Acquisition Corp received a nasdaq delisting notice notice regarding market value (rules 5450(b)(2)(A), 5810(c)(3)(C), IM-5101-2).

Exchange: nasdaq
Notice: delisting notice
Deficiency: market value
Rules: 5450(b)(2)(A), 5810(c)(3)(C), IM-5101-2

Exact text from the filing

December 8, 2023. The Company intends to file an appeal, and take all possible steps to maintain its Nasdaq listing. Following is the core text of the letter received from Nasdaq on December 8, 2023: On May 26, 2023, Staff notified the Company that the market value of its listed securities had been below the minimum $50,000,000 required for continued listing as set forth in Listing Rule 5450(b)(2)(A) for the previous 30 consecutive trading days.1 Therefore, in accordance with Listing Rule 5810(c)(3)(C), the Company was provided 180 calendar days, or until November 22, 2023 to regain compliance

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Source: SEC EDGAR

accession 0001493152-23-044427

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