Belong Acquisition announced that it will redeem shares and cease operations because it will not close a business combination by deadline.
The SPAC intends to dissolve and liquidate effective at the close of business July 27. Belong in a press release said it is in the process of determining the estimated expenses and will announce the redemption amount prior to liquidation.
The tech-focused SPAC raised $150 million in a July 2021 IPO to target high-growth technology and tech-enabled businesses in sectors such as e-commerce, software, and digital media.
Belong Acquisition in December said it had entered into an exclusive, non-binding letter of intent for a business combination with a target in the plant-based foods industry. The target was said to be a profitable, diversified North American platform with over $50 million in revenue. Read more.
