Pono Capital terminated its merger deal with pharaceutical cannabinoids company Benuvia by mutual agreement, according to a press release. The deal had a pro forma enterprise valuation of $440 million.
Pono said it will forge onward in pursuit of another acquisition target. In furtherance of that goal, the SPAC in an 8-K filing said it extended its termination date today by three months to Nov. 11. The SPAC’s sponsor will sweeten the trust by $1.15 million (10 cents a share) for the extension. Pono raised $116 million in an August 2021 IPO.
The Benuvia deal, announced in March, was expected to provide approximately $115 million in estimated gross proceeds. Read more.
