Pono Capital Two in an SEC filing said it received notice from the Nasdaq that the company had fallen below the minimum 1.1 million shares outstanding rul for a continued listing. The SPAC has until May 17 to regain compliance or submit a plan for doing so. If the plan is accepted Pono Capital Two would then have 180 days to regain complianc e.
The SPAC has a deal with SBC Medical Group, announced a year ago at a $1.2 billion valuation, later reduced to $1 billion. There is no minimum cash consideration to close the SBC Medical deal.
Pono Capital Two shareholders in February approved an extension up to Nov. 9 although redemptions left the SPAC with approximately $17.9 million in trust. Read more.
