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Pono Capital Corp (Nasdaq: PONO) announced an extension of its merger agreement with AERWINS Technologies, Inc. by increasing the time to finalize the business combination from November 11, 2022, to February 13, 2023.
This extension is supported by a deposit of $575,000 from both Mehana Capital LLC and AERWINS into the Company’s trust account, equating to $0.10 per public share. The transaction details will be disclosed in a forthcoming Form S-4 registration statement to be filed with the SEC.
Pono Capital Corp (NASDAQ: PONO, PONOU, PONOW) has announced a merger with AERWINS Technologies Inc., valuing AERWINS at $600 million. This transaction is expected to create a combined pro forma equity value of approximately $750 million. The merger aims to enhance AERWINS' air mobility platform, facilitating global expansion and production capacity growth. The deal is projected to close between Q4 2022 and Q1 2023, with AERWINS anticipated to be listed on NASDAQ under ‘AWIN’ and ‘AWINW’. Current AERWINS shareholders will hold around 80% of the combined entity.
Pono Capital Corp (Nasdaq: PONO) has received a deposit of $1,150,000 from Mehana Capital LLC, extending its deadline to finalize a business combination by three months. The new deadline is now November 11, 2022. This extension allows public stockholders to benefit from an additional time frame to explore potential merger opportunities. The $0.10 per public share deposit enhances the company's trust account for its investors.
Pono Capital Corp (NASDAQ: PONO) has officially terminated its merger agreement with Benuvia, Inc. This decision was reached through mutual consent, prompting Pono to pursue other business combination opportunities. Pono, a special purpose acquisition company, previously raised $116 million in its IPO, focusing on acquiring businesses that drive technological innovations, particularly in financial services. The company continues to be listed on Nasdaq under the ticker symbols PONOU, PONO, and PONOW.
Benuvia has entered a definitive merger agreement with Pono Capital Corp (Nasdaq: PONOU), anticipating a pro forma enterprise value of $440 million. Benuvia specializes in cannabinoid pharmaceuticals and is known for its FDA-approved product, SYNDROS® (dronabinol oral solution), approved for chemotherapy-induced nausea and appetite loss in AIDS patients. The deal could yield $115 million in gross proceeds, assuming no shareholder redemptions, with the closing expected in Q3 2022 and plans for Benuvia to list on Nasdaq.
Pono Capital Corp. (NASDAQ:PONOU) announced that holders of its 10 million units from the initial public offering (IPO) completed on August 13, 2021, can separately trade shares of Class A common stock and warrants starting October 8, 2021. To separate the units, holders must contact Continental Stock Transfer & Trust Company. The units will continue trading under the ticker symbol PONOU, while the separated Class A common stock and warrants will trade under PONO and PONOW, respectively. The securities were offered under SEC registration statement File No. 333-257150.
