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Belong Acquisition Corp. (NASDAQ: BLNG) is a blank-check company established to facilitate the acquisition or merger with one or more businesses. However, the company has announced its intention to dissolve and liquidate due to not completing a business combination within the required timeframe stipulated by its Amended and Restated Certificate of Incorporation.
As part of the dissolution process, effective as of the close of business on July 27, 2023, Belong Acquisition Corp. will redeem all outstanding shares of Class A common stock included in its initial public offering units. The per-share redemption price is expected to be approximately $10.23, calculated by dividing the balance in the trust account by the number of Public Shares outstanding.
Upon dissolution, the Public Shares will be considered cancelled and will only represent the right to receive the Redemption Amount. The company's trustee will liquidate the securities held in the trust account, and the proceeds will be distributed to record holders of the Public Shares, who will receive their pro rata portion of the trust account funds, less fees, taxes, and other permitted expenses.
Belong Acquisition Corp.'s sponsor has agreed to waive its redemption rights for its Class B common stock, and there will be no redemption rights or liquidating distributions for the company's warrants, which will expire worthless. The company anticipates the Public Shares, as well as its publicly traded units and warrants, will cease trading as of the close of business on July 26, 2023.
After delisting from the Nasdaq Stock Market LLC, the company plans to file a Form 15 with the SEC to terminate the registration of its securities under the Securities Exchange Act of 1934. This sequence of events marks the end of Belong Acquisition Corp.'s operations, emphasizing its compliance with regulatory standards and commitment to returning value to its shareholders.
FAQ
What is the market cap of Belong Acquisition (BLNG)?
What is Belong Acquisition Corp.?
Why is Belong Acquisition Corp. dissolving?
When will the dissolution take effect?
What is the redemption price for the Class A common stock?
Will the Public Shares continue to trade after July 26, 2023?
What will happen to the company's warrants?
What actions must record holders take to receive their redemption amount?
Do beneficial owners of Public Shares held in 'street name' need to take any action?
What regulatory filings will the company make post-dissolution?
Who should be contacted for more information?
