Pono Capital Corp Confirms Funding to Extend Period to Consummate Initial Business Combination

Rhea-AI Summary

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.

Positive

• Received $1,150,000 deposit, enhancing trust account for public stockholders.
• Extended business combination deadline to November 11, 2022.

Negative

• None.

Honolulu, Hawaii, Aug. 10, 2022 (GLOBE NEWSWIRE) -- Pono Capital Corp (the “Company”) (Nasdaq: PONO), a special purpose acquisition company, today announced that Mehana Capital LLC, an affiliate of Mehana Equity LLC (the “Sponsor”), has deposited $1,150,000 into the Company’s Trust Account for its public stockholders, representing $0.10 per public share, allowing the Company to extend the period of time it has to consummate its initial business combination by three months from August 13, 2022 to November 11, 2022 (the “Extension”). The Extension is permitted under the Company’s governing documents.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts

Dustin Shindo
Pono Capital Corp
(808) 892-6611
dshindo@ponocorp.com

FAQ

What is the significance of the $1,150,000 deposit for Pono Capital Corp?

The deposit enhances the trust account for public stockholders and allows Pono Capital to extend its business combination deadline.

What is the new deadline for Pono Capital Corp's business combination?

The new deadline is November 11, 2022, after the extension approved by the company.

How much did Pono Capital Corp receive per public share from Mehana Capital?

Pono Capital Corp received $0.10 per public share from Mehana Capital's deposit.

What can be expected from Pono Capital Corp following the extension announcement?

Pono Capital is expected to utilize the additional time to explore potential business combinations that can benefit its public stockholders.