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SPAC Sagaliam Acquisition Corp. (NASDAQ:SAGA) has extended its deadline for closing on a merger with the parent company of restaurant operator Arabian Entertainment Company to Jan. 23.
Sagaliam said that the extension was the first of ten possible one-month extensions allowed under its governing laws. Sagaliam's sponsor will be depositing $57K in the SPAC's account as part of the extension.
The SPAC announced plans in November to merge with Supraeon, the parent company of Saudi Arabian-based Arabian Entertainment, a regional operator of entertainment venues and casual restaurants such as Applebee's and Ocean Basket. The deal also includes Cyprus-based Allenby Montefiore.
After the merger, the combined company is expected to be called Tarfeeh Holdings, with shares trading on Nasdaq.
Sagaliam held its initial public offering in December 2021, raising $100M.