Belong Acquisition Corp. Announces Pricing of $150,000,000 Initial Public Offering

Rhea-AI Summary

Belong Acquisition Corp. (NASDAQ:BLNGU) announced the pricing of its initial public offering (IPO) of 15,000,000 units at $10.00 per unit, raising gross proceeds of $150 million. The units will start trading on the Nasdaq Capital Market on July 23, 2021. Each unit comprises one share of Class A common stock and one-half warrant, exercisable at $11.50 per share. The offering is set to close around July 27, 2021, subject to customary conditions. Wells Fargo Securities and Loop Capital Markets are the joint book-running managers. The SEC declared the registration statement effective on July 22, 2021.

Positive

• Successfully raised $150 million in IPO, indicating strong investor interest.
• Warrants provide additional capital-raising potential at an exercise price of $11.50 per share.

Negative

• Dependence on the successful closing of the offering, subject to market conditions.
• Potential market volatility affecting unit trading post-IPO.

PHILADELPHIA, PA, July 22, 2021 (GLOBE NEWSWIRE) -- Belong Acquisition Corp. (NASDAQ:BLNGU) (the “Company”), a special purpose acquisition company formed for the purpose of acquiring or merging with one or more businesses, today announced the pricing of its initial public offering of 15,000,000 units at a price of $10.00 per unit, for gross proceeds to the Company of $150,000,000. The Company's units will be listed on the Nasdaq Capital Market under the symbol "BLNGU" and will begin trading on July 23, 2021. Each unit issued in the offering consists of one share of the Company’s Class A common stock and one-half of one warrant, each whole warrant exercisable for one share of the Company’s Class A common stock at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “BLNG” and “BLNGW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The closing of the offering is anticipated to take place on or about July 27, 2021, subject to customary closing conditions.

Wells Fargo Securities, LLC and Loop Capital Markets LLC are serving as joint book-running managers for the offering. R. Seelaus & Co., LLC, Samuel A. Ramirez & Company, Inc. and Siebert Williams Shank & Co., LLC are serving as co-managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,250,000 units at the initial public offering price to cover over-allotments, if any. 

A registration statement relating to the units and the underlying securities was declared effective by the Securities and Exchange Commission on July 22, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Wells Fargo Securities, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, at (800) 326-5897 or emailing a request to cmclientsupport@wellsfargo.com or by contacting Loop Capital Markets LLC, Attention: Equity Capital Markets, 111 West Jackson Boulevard, Suite 1901, Chicago, Illinois, 60604 or emailing a request to loopecm@loopcapital.com. Copies of the registration statement can be accessed for free through the SEC’s website at www.sec.gov.

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering. No assurance can be given that such offering will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the offering filed with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

Contact Information:

Jennifer Deason
jen@belongcapital.co
347-824-5651

FAQ

What is the significance of Belong Acquisition Corp's IPO on July 22, 2021?

The IPO allows Belong Acquisition Corp. to raise $150 million to pursue acquisition opportunities, reflecting investor confidence.

What is the structure of the units in Belong Acquisition Corp's IPO?

Each unit consists of one share of Class A common stock and one-half of a warrant, which can be exercised for additional shares.

When will Belong Acquisition Corp's units start trading on Nasdaq?

The units will begin trading on July 23, 2021, under the symbol 'BLNGU'.

What are the symbols for the common stock and warrants of Belong Acquisition Corp?

The common stock will trade under 'BLNG' and the warrants under 'BLNGW' after separate trading begins.

What are the anticipated closing conditions for Belong Acquisition Corp's IPO?

The closing is subject to customary conditions and is expected around July 27, 2021.