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TMT SPAC Sagaliam Acquisition files for a $100 million IPO

May 26, 2021
SAGAU

Sagaliam Acquisition, a blank check company formed by GLD Partners targeting the TMT sector, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.

The Los Angeles, CA-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination. At the proposed deal size, Sagaliam Acquisition would command a market value of $130 million.

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 was founded in 2021 and plans to list on the Nasdaq under the symbol SAGAU. Maxim Group LLC is the sole bookrunner on the deal.