Pono Capital in an 8-K announced its shareholders voted in favor of combining with AERWINS Technologies, a Japan-based air mobility company.
Once the deal closes, AERWINS anticipates listing on the Nasdaq under the symbols AWIN and AWINW for shares and warrants.
The transaction values AERWINS at $600 million, minus any outstanding debt. That is expected to result in a combined pro forma equity value of approximately $750 million, assuming no redemptions, which were not mentioned in the 8-K filing announcing deal approval.
The cash proceeds raised in the transaction, after any redemptions and payment of transaction expenses, are currently anticipated to be used for product manufacturing, to fund company operations, support its growth and for general company operating purposes.
There was no minimum cash condition for closing. Read more.
Source: Pono Capital Shareholders Approve AERWINS Merger