secwatch.observer — SEC 8-K summary
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Issuer:     Sagaliam Acquisition Corp (—)
CIK:        0001855351
Form:       8-K
Filed at:   2023-12-11T23:59:59+00:00
Accession:  0001493152-23-044427
Event type: regulatory
Sentiment:  negative
Materiality: 1.00
Item codes: 3.01, 4.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sagaliam receives Nasdaq delisting notice for multiple violations; shares to be suspended Dec 14 if no appeal
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1855351/000149315223044427/0001493152-23-044427-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1855351/000149315223044427/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-044427

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