Pono Capital Corp. (PONO) Shareholders Approve AERWINS Deal


Pono Capital Corp. (PONO) Shareholders Approve AERWINS Deal

Pono Capital Corp. (NASDAQ:PONO) disclosed in an 8-K filing this morning that its shareholders approved its combination with air mobility company AERWINS at a special meeting held on Friday, January 27.

Holders of 12,412,861 common shares were present at the meeting and the deal was approved with 11,218,712 shares in favor of the transaction.

The filing did not include redemption figures or a closing timeline, but once closed, the combined company is expected to list on the NASDAQ Capital Market under the symbols “AWIN” and “AWINW”.

Pono announced its $750 million deal with AERWINS in September 2022. Tokyo, Japan-based AERWINS develops technology that enables air mobility such as a luxury hoverbike and drone-based solution services.

The SPAC originally intended to combine with cannabinoid drug developer Benuvia in a deal valued at $440 million. Pono announced the combination in March 2022, but it was terminated several months later in August 2022 without revealing much detail. At that time, the company faced a completion deadline of August 13, 2022, but was able to extend its timeline twice for a final deadline of February 11, 2023.

Pono’s CEO and Founder Dustin Shindo is also Chairman of Pono Capital Two (NASDAQ:PTWOU) and Pono Capital Three (NASDAQ:PTHR).