Pono Capital Two Wins 9-Month Extension on SBC Medical Deal as Redemptions Continue to Erode Cash in Trust

Pono Capital Two in a regulatory filing said its shareholders approved a deadline extension from Feb. 9 up to Nov. 9.

The SPAC’s stockholders redeemed 273,334 shares, leaving approximately $17.9 million in trust, according to the filing.

The SPAC has a deal with SBC Medical Group, announced a year ago at a $1.2 billion valuation, later reduced 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 last May had reported 88% redemptions on an extension vote, leaving about $20 million in the SPAC’s trust at that time. 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.

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