Sagaliam Acquisition executed a binding business combination agreement for the purchase of Biogenysis, and Virogentics, operating subsidiaries of Enzolytics.
The SPAC in June amended a non-binding term sheet for the purchase of Enzolytics to $450 million. The initial term sheet called for a purchase price of $250 million.
Sagaliam expects to raise additional capital through a PIPE.
Enzolytics is a drug development company committed to commercializing its proprietary proteins and monoclonal antibodies to treat debilitating infectious diseases.
Sagaliam in March terminated a merger agreement with Arabian Entertainment.
The SPAC raised about $116 million in a December 2021 IPO, but lost almost 92% to redemptions in December 2022. The SPAC as of June held nearly $10 million in trust. It has a completion deadline up to April 23, 2024.
If approved, the combined company is expected to trade on the Nasdaq.
Sagaliam also disclosed it had received a delinquency notification letter from the Nasdaq for failing to file its quartely report on time. The company said it is continuing in its efforts to file the Form 10-Q as soon as reasonably practicable. Read more.
