Belong Acquisition Corp.
BLNGU
NASDAQ Capital Market10.25
USD
+0.01
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Belong Acquisition Corp.
BLNGU
(NASDAQ Capital Market)
Recent
price
10.25
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
FRC
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Similar Companies
- Business
- Belong Acquisition Corp. is a special purpose acquisition company (SPAC) formed in 2020 and headquartered in Brookline, Massachusetts. The company operates as a blank check entity with the primary business objective of effecting mergers, capital stock exchanges, asset acquisitions, stock purchases, reorganizations, or similar business combinations with one or more businesses. It aims to identify and partner with high-potential innovative companies, focusing particularly on sectors such as e-commerce, digital media, software, and consumer industries. The company’s core products and services revolve around facilitating business combinations and providing capital through a public offering to support these transactions. Geographic operations primarily cover the United States but target businesses in diverse sectors with growth potential. The company raised approximately $150 million in its initial public offering and intended to use these funds to pursue acquisitions in technology and tech-enabled growth companies that may not fit the profile of "unicorns" but show strong growth potential. However, as of mid-2023, Belong Acquisition Corp. announced it would dissolve and liquidate after failing to complete a business combination within the timeline stipulated by its amended certificate of incorporation. The firm initiated redemption of its public shares and planned to delist from NASDAQ, indicating a strategic exit and cessation of operational activities. This major development marks a significant change characterized by the wind-down of its SPAC operations and return of capital to shareholders. Belong Acquisition Corp. leverages its management team's diversified experience and network to source acquisition targets. The firm’s emphasis on diversity in its leadership, including a female Chairwoman, exemplifies its strategic vision of inclusive team composition to gain competitive advantages in identifying and closing high-growth business combinations. Despite its dissolved status announced in 2023, the company historically sought to operate within the consumer and technology sectors, targeting high-growth companies requiring later-stage capital or public market access through a SPAC structure. Belong Acquisition Corp. was initially incorporated in 2020, with headquarters in Brookline, Massachusetts, and briefly registered in Austin, Texas, as part of its operational footprint. Its historical business strategy centered on raising capital and deploying it through mergers or acquisitions rather than direct manufacturing or service provision. The firm’s latest major change is the liquidation process following the decision to cease public trading and discontinue pursuing mergers, reflecting challenges within the competitive SPAC market environment. Overall, Belong Acquisition Corp. acts as a corporate acquisition vehicle in technology-enabled sectors, assembling capital to pursue strategic mergers, but has recently transitioned toward dissolution after unsuccessful combinations within regulatory timelines. Its operational legacy includes the development of capital markets access pathways for growth companies through SPAC mechanisms before winding down its entity in 2023.
Belong Acquisition Corp. Announces Redemption Amount of its Public Shares
Belong Acquisition Corp. Announces it Will Redeem its Public Shares
Belong Acquisition Corp. Announces Pricing of $150,000,000 Initial Public Offering