{"id":750049,"date":"2023-04-21T11:18:09","date_gmt":"2023-04-21T15:18:09","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/sagaliam-acquisition-corp-announces-receipt-of-nasdaq-listing-delinquency-letter\/"},"modified":"2023-04-21T11:18:09","modified_gmt":"2023-04-21T15:18:09","slug":"sagaliam-acquisition-corp-announces-receipt-of-nasdaq-listing-delinquency-letter","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sagaliam-acquisition-corp-announces-receipt-of-nasdaq-listing-delinquency-letter\/","title":{"rendered":"SAGALIAM ACQUISITION CORP. ANNOUNCES RECEIPT OF NASDAQ LISTING DELINQUENCY LETTER"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">New York, NY, April  21, 2023  (GLOBE NEWSWIRE) &#8212; Sagaliam Acquisition Corp. (NASDAQ: \u201cSAGAU\u201d, \u201cSAGA\u201d, \u201cSAGAR\u201d) (\u201c<u>we<\/u>\u201d, \u201c<u>us<\/u>\u201d, \u201c<u>our<\/u>\u201d, or the \u201c<u>Compan<\/u>y\u201d) announced today that it received a delinquency notification letter (\u201c<u>Notice<\/u>\u201d) from the Listing Qualifications staff of the Nasdaq Stock Market LLC (\u201c<u>Nasdaq<\/u>\u201d) on April 19, 2023 due to the Company\u2019s non-compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the Company\u2019s failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the \u201c<u>Form 10-K<\/u>\u201d). Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the \u201c<u>SEC<\/u>\u201d).<\/p>\n<p align=\"justify\">The Notice states that the Company has 60 calendar days to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules. If Nasdaq accepts the Company\u2019s plan, then Nasdaq may grant the Company up to 180 calendar days from the prescribed due date for filing the Form 10-K or until October 16, 2023, to regain compliance. If Nasdaq does not accept the Company\u2019s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.<\/p>\n<p align=\"justify\">As previously disclosed, the Company requires additional time to prepare, review and finalize its financial statements, and its auditors have not completed their audit of the financial statements. The Company is continuing in its efforts to file the Form 10-K as soon as reasonably practicable.<\/p>\n<p align=\"justify\">This announcement is made in compliance with Nasdaq Listing Rule 5250(b)(2).<\/p>\n<p align=\"justify\">\n        <strong>About <\/strong><br \/>\n        <strong>Sagaliam<\/strong><br \/>\n        <strong> Acquisition Corp.<\/strong>\n      <\/p>\n<p align=\"justify\">We are a blank check company incorporated under the laws of the State of Delaware on March 31, 2021 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. Sagaliam intends to continue to pursue the consummation of a business combination with an appropriate target.<\/p>\n<p align=\"justify\">\n        <strong>Forward Looking Statements<\/strong>\n      <\/p>\n<p align=\"justify\">The disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as \u201cbelieve,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cestimate,\u201d \u201ccontinue,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cexpect,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201cplan,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201cseem,\u201d \u201cseek,\u201d \u201cfuture,\u201d \u201coutlook,\u201d and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics and projections of market opportunity and expectations, Company\u2019s ability to enter into a definitive business combination agreement and Company\u2019s ability to obtain the financing necessary to consummate the potential business combination transaction. These statements are based on various assumptions and on the current expectations of Company\u2019s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Company. These forward-looking statements are subject to a number of risks and uncertainties, including: Company\u2019s ability to enter into a definitive agreement with respect to the proposed business combination or consummate a transaction; the risk that the approval of the stockholders of Company for the potential transaction is not obtained; failure to realize the anticipated benefits of the potential transaction, including as a result of a delay in consummating the potential transaction or difficulty in integrating the businesses of Company; the amount of redemption requests made by Company\u2019s stockholders and the amount of funds remaining in Company\u2019s trust account after satisfaction of such requests; those factors discussed in Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 under the heading \u201cRisk Factors,\u201d and other documents of Company filed, or to be filed, with the SEC. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Company presently does not know or that Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Company\u2019s expectations, plans or forecasts of future events and views as of the date hereof. Company anticipates that subsequent events and developments will cause Company\u2019s assessments to change. However, while Company may elect to update these forward-looking statements at some point in the future, Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Company\u2019s assessments as of any date subsequent to the date of this disclosure statement. Accordingly, undue reliance should not be placed upon the forward-looking statements.<\/p>\n<p>\n        <strong>CONTACT INFORMATION<\/strong>\n      <\/p>\n<p align=\"justify\">Sagaliam Acquisition Corp.,<br \/>Barry Kostiner, Chief Executive Officer<br \/>1800 Avenue of the Stars, Suite 1475<br \/>Los Angeles, CA 90067<br \/>Tel: (213) 616-0011<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Ycaf32FsIS50oYEX32osgV0L1RkilTCsB1jiw0fsBLL4hbMBhF3vlc3123Wq56l_jIKoyKGiS46Yd6lck8v0bEI5o--NDbjh8TqQ64PpwkE=\" rel=\"nofollow noopener\" target=\"_blank\">bkostiner@fintecham.com<\/a>\u00a0<\/p>\n<p \/>\n      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgxMzAxMCM1NTQwMzYzIzUwMDExMTI2NQ==\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/ODFhNjA4ZDUtODViNC00NDNlLWE0MTctNzE2N2Y0Nzk0YmNmLTUwMDExMTI2NQ==\/tiny\/Sagaliam-Acquisition-Corp.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>New York, NY, April 21, 2023 (GLOBE NEWSWIRE) &#8212; Sagaliam Acquisition Corp. (NASDAQ: \u201cSAGAU\u201d, \u201cSAGA\u201d, \u201cSAGAR\u201d) (\u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, or the \u201cCompany\u201d) announced today that it received a delinquency notification letter (\u201cNotice\u201d) from the Listing Qualifications staff of the Nasdaq Stock Market LLC (\u201cNasdaq\u201d) on April 19, 2023 due to the Company\u2019s non-compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the Company\u2019s failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the \u201cForm 10-K\u201d). Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the \u201cSEC\u201d). The Notice states that the Company has 60 calendar days to submit &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sagaliam-acquisition-corp-announces-receipt-of-nasdaq-listing-delinquency-letter\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;SAGALIAM ACQUISITION CORP. ANNOUNCES RECEIPT OF NASDAQ LISTING DELINQUENCY LETTER&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-750049","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SAGALIAM ACQUISITION CORP. ANNOUNCES RECEIPT OF NASDAQ LISTING DELINQUENCY LETTER - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sagaliam-acquisition-corp-announces-receipt-of-nasdaq-listing-delinquency-letter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SAGALIAM ACQUISITION CORP. ANNOUNCES RECEIPT OF NASDAQ LISTING DELINQUENCY LETTER - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"New York, NY, April 21, 2023 (GLOBE NEWSWIRE) &#8212; Sagaliam Acquisition Corp. (NASDAQ: \u201cSAGAU\u201d, \u201cSAGA\u201d, \u201cSAGAR\u201d) (\u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, or the \u201cCompany\u201d) announced today that it received a delinquency notification letter (\u201cNotice\u201d) from the Listing Qualifications staff of the Nasdaq Stock Market LLC (\u201cNasdaq\u201d) on April 19, 2023 due to the Company\u2019s non-compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the Company\u2019s failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the \u201cForm 10-K\u201d). Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the \u201cSEC\u201d). The Notice states that the Company has 60 calendar days to submit &hellip; Continue reading &quot;SAGALIAM ACQUISITION CORP. 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