Sagaliam Acquisition in a proxy filing seeks a merger deadline extension in monthly increments up to October 2023. The SPAC said it needs mpore time to finalize its proposed combination with Arabian Entertainment, announced earlier this month. A shareholder vote on the extension is scheduled for Dec. 16.
The transaction is expected to provide AEC up to $151.5 million, including $35 million from an anticipated PIPE offering and $116.5 million of SPAC cash in trust assuming no redemptions. Read more.
