Pono Capital Two filed a proxy outlining its proposed merger with SBC Medical Group. The deal was announced in FEbruary at a $1.2 billion valuation, reduced seven months later to $1 billion.
Tokyo-based SBC Medical Group specializes in medical care and special treatment including cosmetic surgery, infertility, dental, and orthopedics.
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.
