Sagaliam Acquisition Corp (NASDAQ:SAGAU), a special purpose acquisition company, announced today that it received a delinquency notification from the Nasdaq Stock Market LLC due to its failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2023.
The notice, which was received on July 25, 2023, indicates that the company is non-compliant with Nasdaq Listing Rule 5250(c)(1). This rule mandates listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (SEC).
In response to the delinquency notification, Sagaliam Acquisition Corp has until September 25, 2023, to submit a plan to regain compliance with the Nasdaq Listing Rules. Should Nasdaq accept the company’s plan, it may grant Sagaliam Acquisition Corp up to 180 calendar days from the due date for filing the Form 10-Q or until November 20, 2023, to regain compliance. If Nasdaq rejects the company’s plan, Sagaliam will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.
The company disclosed that it requires additional time to prepare, review and finalize its financial statements as its auditors have not completed their audit of the financial statements. Sagaliam Acquisition Corp is continuing in its efforts to file the Form 10-Q as soon as reasonably practicable.
In other developments, Sagaliam Acquisition Corp recently executed a binding business combination agreement for the purchase of Biogenysis Inc. and Virogentics Inc., operating subsidiaries of Enzolytics Inc. (OTC PK: ENZC). The combined entity is expected to trade on NASDAQ.
Enzolytics is a drug development company focused on commercializing its proprietary proteins and monoclonal antibodies to treat debilitating infectious diseases. It has a patented and clinically tested compound, ITV-1, which studies have shown to be effective in treating HIV/AIDS.
The announcement of the delinquency notification was made in compliance with Nasdaq Listing Rule 5250(b)(2).