Sagaliam Acquisition in a regulatory filing said it issued a convertible promissory note to its sponsor for a loan of up to $1.5 million. The principal may be drawn down from time to time prior to the earlier of: (i) April 30, 2023 or (ii) when the SPAC completes a meerger.
The promissory note was issued to fund working capital.
Any part of the principal may be converted on the maturity date into Sagaliam units at $10 each.
Sagaliam raised $100 million in an IPO last December. The blank check company has said intends to capitalize on the capabilities of its management team and sponsor to identify, acquire and operate a business in the telecommunications, media, and technology industries. Read more.
