Arisz Acquisition Adds $9M to Coffers Through Over-Allotment Exercise

The SPAC raised $330 million in an IPO last month to target companies with "favorable growth prospects." Colonnade II is led by Chairman Joseph Sambuco, who is also chairman and CEO of Colonnade Properties.

Sagaliam in March said its units were delisted from the Nasdaq. There were several reasons for the Nasdaq’s decision, including delinquent SEC filings, falling below the minimum $50 million market cap and the minimum shareholder threshold, as well as issues with the SPAC’s business combination.

Announced in February, the transaction provides up to $822 million in gross cash proceeds to the combined company.