Sagaliam Acquisition Corp: Nasdaq/NYSE listing notice — Sagaliam receives Nasdaq delisting notice; multiple violations cited, 10-Q deficient

Sagaliam Acquisition Corp

Nasdaq notified Sagaliam of delisting on Dec 5, 2023, citing failures to obtain shareholder approval and disclose 47.9M share issuance.
Company issued 47,872,000 shares on Sept 15, 2023, for Virogentics and Biogenysis acquisition without shareholder approval or redemption.
Form 10-Q for March 31, 2023, filed late and not reviewed by auditors; company plans to amend and cites non-reliance.
Company also failed to timely file Form 10-Qs for June 30 and Sept 30, 2023, and has fewer than 400 total holders.
Company intends to appeal delisting by Dec 12, 2023, to Nasdaq Hearings Panel; trading suspension set for Dec 14, 2023, if no appeal.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.92

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

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

Exact text from the filing

December 5, 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 5, 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 0001493152-23-044465

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