Pono Capital (NASDAQ:PONO) announced this afternoon that it has mutually terminated its combination with cannabinoid drug developer Benuvia.
While today’s press release did not provide much detail, Pono Capital intends to continue its search for a target for its business combination and extended its transaction timeline today by three months. The SPAC originally had a deadline of August 13, 2022, but will now have until November 11, 2022 to find a new target and close.
Pono raised $100 million at IPO on August 11, 2021 and initially set out to combine with a disruptive technology company in China or Japan in the area of consumer electronics. The tech-focused SPAC is led by CEO and Founder Dustin Shindo, Chief Strategy Officer Dr. Hank Wuh and CFO Trisha Nomura.
CEO and Founder Dustin Shindo is also Chairman of Pono Capital Two (NASDAQ:PTWOU), one of six SPACs that filed to IPO in June. Pono Capital Two priced its $100 million IPO just last week on August 4, and intends to also focus on disruptive tech targets in Japan.
The termination comes several months after the $440 million deal announcement, which was originally announced on March 18. Pono’s deal with Benuvia was not supplemented with a PIPE and did not have a minimum cash closing condition. The Arizona-based company owns an FDA approved cannabinoid drug SYNDROS (dronabinol oral solution CII), and synthetic cannabinoid manufacturing facilities in the U.S.
December 2024 corporate actions continues the trend of SPAC teams seeking additional extensions beyond their third round, as they work to close their combinations with the remaining funds after redemptions. Despite this activity, both announcements and corporate actions associated with completion votes were notably few this month. Extension Votes In December, there were 26 scheduled...
At the SPAC of Dawn 2025 dawns with a reminder to SPAC teams that, as the Rolling Stones song goes, “You can’t always get what you want.” That was the message sent by Aimei Health I (NASDAQ:AFJK) shareholders as they rejected a proposal to reduce the SPAC’s monthly contribution to trust for the duration of...
An In-Depth Look at SPAC Activity Throughout the Full-Year of 2024 Below is a summary of the Full-Year 2024 SPAC market. If you’d like a pdf copy, you access the link HERE. SPACs have emerged from 2024 with a cautious optimism that feels both hard-earned and fragile. After weathering the turbulence of the past few...
The next quarter century is starting off with a set of de-SPAC shareholders newly able to realize better gains as their lock-ups expire in January than most months through 2024. Eight de-SPACs and six sponsors are to see their shares unlocked next month, and while none of these companies finished trading on December 30 in...
Maywood Acquisition Corp. (NASDAQ:MAYAU) filed to list a $75 million SPAC on the penultimate day of 2024 with a CEO making his second rodeo and a focus on serving the demand for listing opportunities and exits in Asia-Pacific. This new SPAC is not overfunding its trust and will have rights to a 1/5 share in...