Pono Capital priced its IPO of 10 million units at $10 each.
Units begin trading on the Nasdaq today under PONOU Each consists of one share of Class A common stock and three-quarters of one redeemable warrant; whole warrants exercisable at $11.50 per share. Once the securities begin separate trading, shares and warrants are expected to list under PONO and PONOW.
The new SPAC intends to focus its search on companies in the disruptive technology sector with a spotlight on companies in Asia with Japan in particular, but not in China or Hong Kong.
EF Hutton is sole book-running manager for the offering. The underwriters have an option to purchase up to an additional 1.5 million units to cover over-allotments, if any. Read more.