Sagaliam Acquisition Corp. Announces Pricing of $100,000,000 Initial Public Offering

Rhea-AI Summary

Sagaliam Acquisition Corp. has priced its initial public offering at $10.00 per unit, aiming to raise $100 million by offering 10 million units on the Nasdaq under the ticker symbol SAGAU. Each unit includes one share of Class A common stock and a right to receive one-eighth of a share upon business combination. The company, which is a blank check entity, seeks to target businesses in telecommunications, media, and technology. The offering is expected to close on December 23, 2021, subject to customary conditions.

Positive

• Initial public offering priced at $10.00 per unit, raising $100 million.
• Focus on telecommunications, media, and technology sectors for future acquisitions.
• Potential for attractive risk-adjusted returns based on management capabilities.

Negative

• No selected business combination target or substantive discussions initiated.
• Forward-looking statements indicate uncertainty in completion and usage of net proceeds.

LOS ANGELES, CA / ACCESSWIRE / December 20, 2021 / Sagaliam Acquisition Corp. (the "Company") announced today that it priced its initial public offering of 10,000,000 units at $10.00 per unit. The units will be listed on the Nasdaq Global Market ("Nasdaq") and are expected to begin trading Tuesday, December 21, 2021, under the ticker symbol "SAGAU". Each unit consists of one share of Class A common stock and one right to receive one-eighth (1/8) of one share of Class A common stock upon consummation of the initial business combination. Once the securities comprising the units begin separate trading, the shares of Class A common stock and rights are expected to be listed on Nasdaq under the symbols "SAGA" and "SAGAR", respectively.

The Company is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. The Company has not selected a business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. The Company intends to capitalize on the capabilities of its management team and sponsor to identify, acquire and operate a business that may provide opportunities for attractive risk-adjusted returns in the telecommunications, media, and technology industries.

EF Hutton, division of Benchmark Investments, LLC, is acting as sole book-running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 1,500,000 units at the initial public offering price to cover over-allotments, if any. The offering is expected to close on December 23, 2021, subject to customary closing conditions.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from EF Hutton, division of Benchmark Investments, LLC, Attn: Syndicate Department, 590 Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at syndicate@efhuttongroup.com.

A registration statement on Form S-1 (File No. 333-256473) relating to these securities has been filed with the U.S. Securities and Exchange Commission (the "SEC") and was declared effective by the SEC on December 20, 2021.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

Sagaliam Acquisition Corp.
1800 Avenue of the Stars, Suite 1475
Los Angeles, CA 90067
Barry Kostiner
Chairman and Chief Executive Officer
bkostiner@fintecham.com
(213) 616-0011

SOURCE: Sagaliam Acquisition Corp.

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https://www.accesswire.com/678787/Sagaliam-Acquisition-Corp-Announces-Pricing-of-100000000-Initial-Public-Offering

FAQ

What was the pricing of Sagaliam Acquisition Corp's IPO?

The IPO was priced at $10.00 per unit.

How much does Sagaliam Acquisition Corp aim to raise in its IPO?

The company aims to raise $100 million.

What sectors does Sagaliam Acquisition Corp intend to target for business combinations?

The company plans to target businesses in telecommunications, media, and technology.

When is the expected closing date for the Sagaliam Acquisition Corp IPO?

The IPO is expected to close on December 23, 2021.

What ticker symbol will Sagaliam Acquisition Corp's units trade under?

The units will trade under the ticker symbol SAGAU on Nasdaq.