SAGA - SPAC Sagaliam Enzolytics agree to raise price of unit sale to $450M

2023-06-30 14:52:07 ET

SPAC Sagaliam Acquisition Corp. ( NASDAQ: SAGA ) said it has agreed to raise the combined purchase price of Enzolytics' ( OTCPK:ENZC ) Biogenysis and Virogentics units to $450M from $250M.

Sagaliam and Enzolytics said that terms of the non-binding term sheet for the agreement have been amended to reflect the change.

The companies announced the updated price on Thursday, adding that they had also agreed to "a Make Whole calculation six months after close to ensure the value to be received by ENZC." Sagaliam plans to raise additional capital through a PIPE financing for the deal.

On Thursday, Sagaliam said it was exercising its option to extend the deadline for consummation of the acquisition to July 23.

Sagaliam and Enzolytics announced the intended sale in April, with the deal originally slated to close on May 19. The combined company was expected to operate under the name Sagaliam Scientific Holdings, with shares trading on Nasdaq under the symbol SAGA.

Sagaliam had been expected to merge with Arabian Entertainment earlier this year. The Middle Eastern restaurant and entertainment venue operator terminated the deal in March.

More on Sagaliam and Enzolytics:

• Sagaliam Acquisition regains compliance with Nasdaq
• Arabian Entertainment Company terminates merger with SPAC Sagaliam
• Enzolytics rises 10% after posting positive data from toxicology studies of HIV treatment

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