Pono Capital in a regulatory filing said its acquisition target Benuvia will hold meetings consisting of a convertible note financing presentation. Benuvia seeks to raise $50 million in senior secured convertible notes to refinance debt and for general corporate purposes.
Benuvia owns the FDA approved cannabinoid drug SYNDROS® and one of the largest synthetic cannabinoid manufacturing facilities in the U.S. SYNDROS is a prescription drug for the treatment of chemotherapy-induced nausea and vomiting in cancer patients and loss of appetite in AIDS patients who have lost weight.
The merger with Pono Capital has an implied pro forma enterprise valuation of $440 million. As announced in March, if approved — and in the absence of any redemptions — the transaction would provide approximately $115 million in estimated gross proceeds to Benuvia. Read more.
