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Belong Acquisition Corp. (NASDAQ: BLNGU) is a blank-check company focused on acquiring or merging with other businesses. Recently, the company announced its intention to dissolve and liquidate. All outstanding shares of Class A common stock will be redeemed, with a per-share Redemption Amount of approximately $10.23. The Company's sponsor has waived its redemption rights for its Class B common stock issued pre-IPO. The process of liquidation and disbursement of funds from the trust account is underway. The Company expects its securities to be delisted from Nasdaq and its registration terminated under the Securities Exchange Act of 1934. Shareholders will receive their pro rata portion of the trust account proceeds after trustee fees and dissolution expenses. The redemption process is anticipated to be completed within ten business days after July 27, 2023.

Rhea-AI Summary
Belong Acquisition Corp. (NASDAQ:BLNG) announced that the per-share redemption price for its outstanding shares of Class A common stock will be approximately $10.23. The Company will redeem all of its Public Shares and the redemption is expected to be completed within ten business days after July 27, 2023. The Company's sponsor has waived its redemption rights for its outstanding shares of Class B common stock. The Company's securities are expected to be delisted from the Nasdaq Stock Market and its registration terminated under the Securities Exchange Act of 1934.
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Rhea-AI Summary
Belong Acquisition Corp. (NASDAQ:BLNG) announced its intention to dissolve and liquidate due to not consummating an initial business combination within the required time period. The Company will redeem all outstanding shares of Class A common stock included in its initial public offering. The per-share redemption price will be determined based on the balance in the trust account. The redemption is expected to be completed within ten business days after July 27, 2023.
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FAQ

What does Belong Acquisition Corp. (BLNGU) do?

Belong Acquisition Corp. is a blank-check company focused on acquiring or merging with other businesses.

What is the per-share Redemption Amount for the outstanding shares of Class A common stock?

The per-share Redemption Amount for the Public Shares is approximately $10.23.

Will the Company's securities be delisted from Nasdaq?

Yes, the Company expects its securities to be delisted from Nasdaq and its registration terminated under the Securities Exchange Act of 1934.

What is the timeline for the redemption process?

The redemption process is expected to be completed within ten business days after July 27, 2023.

What rights has the Company's sponsor waived?

The Company's sponsor has waived its redemption rights for its outstanding shares of Class B common stock issued pre-IPO.

How will shareholders receive their portion of the trust account proceeds?

Shareholders will receive their pro rata portion of the trust account proceeds after trustee fees and dissolution expenses.

What is the Company's focus in terms of business operations?

Belong Acquisition Corp. is primarily focused on acquiring or merging with other businesses, as a blank-check company.

Where can shareholders find more information about the Company?

Shareholders can access the Company's annual report on Form 10-K filed with the SEC and subsequent reports on the SEC's website at www.sec.gov.

Is the Company obligated to update its forward-looking statements?

The Company undertakes no obligation to update forward-looking statements for revisions or changes after the date of the release, except as required by law.

What is the contact information for inquiries regarding the Company?

For further information, contact Peter Saldarriaga at ir@belongcapital.co.

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