Sagaliam Acquisition, a blank check company formed by GLD Partners targeting the TMT sector, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one right to receive one-eighth of a share upon the completion of an initial business combination.
The company's sponsor is an affiliate of private equity firm GLD Partners and is led by CEO and Chairman Barry Kostiner, the President of microcap-focused EdTech investment vehicle Legacy Tech Partners, and CFO and Director Thomas Neukranz, who serves as Managing Director of Capital Markets for GLD Partners.
Sagaliam Acquisition plans to list on the Nasdaq under the symbol SAGAU. EF Hutton acted as sole bookrunner on the deal.
