Pono Capital Two in an 8-K said it lowered the consideration on its deal with SBC Medical Group to $1 billion from the previous $1.2 billion.
While no reason was given for the adjustment, Pono Capital Two in May had reported 88% redemptions on an extension vote, leaving about $20 million in the SPAC’s trust. Following that extension vote and redemptions, Mehana Capital, the sponsor, converted 2,874,999 Class B shares into an identical number of Class A shares. That gave Pono Two 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.
There is no minimum cash consideration to close the SBC Medical deal. Read more.
