Brilliant Acquisition Corporation Announces Full Exercise of Overallotment Option

Rhea-AI Summary

Brilliant Acquisition Corporation (Nasdaq: BRLIU) announced the closing of its full 600,000 unit over-allotment option from its initial public offering, yielding gross proceeds of $6,000,000. The initial IPO closed on June 26, 2020, with units beginning to trade on Nasdaq on June 24, 2020. The units consist of one ordinary share, a right for 1/10 of one ordinary share, and a warrant to buy one ordinary share at $11.50. Proceeds will be placed in trust, and the company aims to target mergers or acquisitions in the Asia-Pacific region.

Positive

• Successful closing of $6,000,000 in gross proceeds from unit over-allotment.
• Units began trading on Nasdaq, indicating strong market interest.
• Focus on mergers in the Asia-Pacific region, leveraging favorable trends.

Negative

• None.

New York, June 30, 2020 (GLOBE NEWSWIRE) -- Brilliant Acquisition Corporation (Nasdaq: BRLIU, the “Company”) announced today that it closed the full 600,000 unit over-allotment option of its initial public offering of 4,000,000 units, which itself closed on June 26, 2020. The overallotment exercise resulted in gross proceeds of $6,000,000.

The Company’s units began trading on the Nasdaq Capital Market (“Nasdaq”) on June 24, 2020 and trade under the ticker symbol “BRLIU.” Each unit consists of one ordinary share, one right entitling the holder to 1/10 of one ordinary share, and one warrant to purchase one ordinary share at a price of $11.50. Once the securities comprising the units begin separate trading, the ordinary shares, rights, and warrants are expected to be listed on Nasdaq under the symbols “BRLI,” “BRLIR,” and “BRLIW,” respectively.

Of the proceeds received from the consummation of the over-allotment of the initial public offering and a simultaneous private placement of units, $6,000,000 (or $10.00 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of June 30, 2020, reflecting receipt of the proceeds upon consummation of the initial public offering, the private placements, and the over-allotment offering, will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission.

RAITI, PLLC acted as counsel to the Company and Graubard Miller acted as counsel to the underwriters.

EarlyBirdCapital, Inc., acted as lead book running manager. I-Bankers Securities, Inc., acted as co-manager.

About the Company

Brilliant Acquisition Corporation is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition, or other similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to any particular industry or country, but the Company intends to initially focus on targets operating in the Asia-Pacific markets. Specifically, the Company intends to focus on sectors and industries within the Asia-Pacific region that can leverage emerging favorable demographic, political, and economic trends, including current economic and business trends throughout Singapore, China, Indonesia, Vietnam, as well other Asia-Pacific jurisdictions.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on June 23, 2020. The offering was made only by means of a prospectus, copies of which may be obtained by contacting EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New York, New York 10017. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or a 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.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward- looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact:

Dr. Peng Jiang
Chief Executive Officer
Brilliant Acquisition Corporation
+ (86) 021-80125497

FAQ

What is the significance of Brilliant Acquisition Corporation's over-allotment option?

The over-allotment option raised an additional $6,000,000, indicating strong investor confidence in the company and its strategy.

When did Brilliant Acquisition Corporation's units start trading on Nasdaq?

The units began trading on Nasdaq on June 24, 2020.

What does each unit of Brilliant Acquisition Corporation consist of?

Each unit consists of one ordinary share, a right entitling the holder to 1/10 of one ordinary share, and a warrant to purchase one ordinary share at $11.50.

What is Brilliant Acquisition Corporation's focus for future mergers?

The company intends to target businesses in the Asia-Pacific region, leveraging emerging demographic and economic trends.