Pono Capital Two in an 8-K said shareholders overwhelmingly approved a deadline extension until February 2024 for the SPAC to complete its proposed merger with SBC Medical Group, which specializes in medical care and special treatment including cosmetic surgery, infertility, dental, and orthopedics.
Redemptions totaling nearly 9.6 million shares left about $20 million in the SPAC's trust, down from the $117.9 million it held as of February.
The deal with Tokyo-based SBC Medical was valued at $1.2 billion when announced in February.
The SPAC last week said it had secured non-redemption agreements with certain unaffiliated stockholders owning 773,682 shares.
Following the extension vote and redemptions, Mehana Capital, the sponsor, converted 2,874,999 Class B shares into an identical number of Class A shares. As a result, Pono Two now has 5,489,624 shares of outstanding Class A stock, of which 3,566,874 shares are held by the founders and not subject to redemption. one share of Class B stock remains. Read more.
Source: Pono Capital Two Wins Extension on SBC Medical Deal as Redemptions Reach 88%