Brief: Arabian Entertainment Company Enters Into Business Combination Agreement With Sagaliam Acquisition Corp, Combined Company Is Expected To Trade On Nasdaq

Sagaliam Acquisition

16/11/2022 22:52

Nov 16 (Reuters) - Sagaliam Acquisition Corp  SAGA.O :
    * ARABIAN ENTERTAINMENT COMPANY, LTD., A LEADING FOOD,
BEVERAGE
AND ENTERTAINMENT COMPANY IN SAUDI ARABIA, ENTERS INTO BUSINESS
COMBINATION AGREEMENT WITH SAGALIAM ACQUISITION CORP. COMBINED
COMPANY IS EXPECTED TO TRADE ON NASDAQ.
    * SAGALIAM ACQUISITION CORP- TRANSACTION TO PROVIDE AEC UP
TO
$151.5 MILLION IN PROCEEDS INCLUDING ANTICIPATED $35 MILLION OF
IMMEDIATE FUNDING THROUGH A PIPE
    * SAGALIAM ACQUISITION CORP- TRANSACTION TO PROVIDE AEC UP
TO
$116.5 MILLION OF SPAC CASH HELD IN TRUST, BASED ON A
PRE-TRANSACTION EQUITY VALUE OF $379 MILLION
    * SAGALIAM ACQUISITION CORP - UPON CLOSING OF PROPOSED
TRANSACTION, AEC'S SENIOR MANAGEMENT WILL CONTINUE TO SERVE IN
THEIR CURRENT ROLES
    * SAGALIAM ACQUISITION CORP - CURRENT AEC OWNERS WILL RETAIN
APPROXIMATELY 50% OF OWNERSHIP AT CLOSE, ASSUMING NO SPAC
SHAREHOLDER REDEMPTIONS.
    * SAGALIAM ACQUISITION CORP- SUPRAEON INVESTMENTS, PARENT
COMPANY
OF AEC AND SAGALIAM TO COMBINE INTO NEW COMPANY THAT IS EXPECTED
TO BE LISTED ON NASDAQ

Source text for Eikon:  ID:nGNX6bFLZM 
Further company coverage:  SAGA.O 
 ((Reuters.Briefs@thomsonreuters.com;))