Pono Capital Two in an 8-K filing said it entered into non-redemption agreements with certain unaffiliated stockholders owning 773,682 shares. In connection with the non-redemption agreements, Mehana Capital, the SPAc's sponsor, agreed to transfer shares upon completion of a merger. Pono Capital said it may enter into other non-redemption agreements.
The SPAC wants shareholders to approve a deadline extension during a meeting tomorrow, from May 9 until Feb. 9, 2024, to allow more time to finalize a merger with Tokyo-based SBC Medical. The deal is valued at $1.2 billion.
SBC Medical Group specializes in medical care and special treatment including cosmetic surgery, infertility, dental, and orthopedics.
Pono Two had about $117.9 million in trust as of February after raising $100 million in an IPO last year.
In its latest filing the SPAC said no additional funds will be deposited into the trust account. Read more.
Source: Pono Capital Two Signs Non-Redemption Agreements Ahead of Extension Vote