Investments & Acquisitions

SPAC Belong Capital to Merge With Unnamed Plant-Based Food Company

Belong Capital — a special purpose acquisition company (SPAC) focused on high-potential tech-enabled businesses — is set to merge with a plant-based food company.

As reported by Seeking Alpha, Belong said it had signed a non-binding letter of intent to combine with the unnamed company, which has an annual revenue of more than $50 million. A closing is expected in the second quarter of next year, with the plant-based company set to execute an agreement at some point over the next month.

Further details will be published after the agreement. The news comes following Belong’s $150 million raise when it went public last year.

Belong Capital
Chairwoman Jennifer Deason. © Belong Capital

Speculation

While the identity of the plant-based company is unknown, Seeking Alpha appears to hint that it could be Impossible Foods, which said last year that it was considering going public via either a conventional IPO or a SPAC merger. The announcement was made after Impossible raised $500 million in a funding round in November, taking the company’s total valuation to $7 billion.

There has been some concern over whether going public would be the right decision for the brand, as its chief competitor Beyond Meat sees falling shares and losses amid higher costs and increased competition. However, Impossible continues to experience success and is now valued more highly than Beyond.

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