secwatch.observer — SEC 8-K summary
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Issuer:     Sagaliam Acquisition Corp (—)
CIK:        0001855351
Form:       8-K/A
Filed at:   2023-12-12T23:59:59+00:00
Accession:  0001493152-23-044465
Event type: regulatory
Sentiment:  negative
Materiality: 0.95
Item codes: 3.01, 4.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sagaliam receives Nasdaq delisting notice; multiple violations cited, 10-Q deficient
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1855351/000149315223044465/0001493152-23-044465-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1855351/000149315223044465/form8-ka.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-044465

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