Sagaliam Acquisition registered with the SEC to offer 10 million units at $10 each. A unit consists of one share of Class A common stock and one right to receive one-tenth of one share upon consummation of an initial business combination.
Maxim is sole book-running manager for the offering. The underwriters have a 45-day option to purchase up to an additional 1.5 million units to cover any over-allotments.
The new SPAC said it will concentrate on an acquisition in the telecommunications, media, and technology industries.
The SPAC is led by Chairman and CEO Barry Kostiner, who is president of Legacy Tech Partners, a microcap-focused EdTech investment vehicle.
Sagaliam has applied for a listing on the Nasdaq under SAGAU. Read more.
