SPAC Belong Capital is set to merge with a plant-based food company.
As reported by Seeking Alpha, Belong said it had signed a non-binding LOI to combine with the unnamed company, which has an annual revenue of more than $50 million. A closing is expected in the second quarter of next year, with the plant-based company set to execute an agreement at some point over the next month.
Further details will be published after the agreement. The news comes following Belong’s $150 million raise when it went public last year.
Belong raised $150 million in a July 2021 IPO. The SPAC initially said it would target high-growth technology and tech-enabled businesses in sectors such as e-commerce, software, and digital media. Read more.
