Pono Capital Two filed a preliminary proxy outlining its proposed merger with SBC Medical Group. The SPAC announced the deal a year ago at a $1.2 billion valuation, later reduced to $1 billion. There is no minimum cash consideration to close.
Tokyo-based SBC Medical Group specializes in medical care and special treatment including cosmetic surgery, infertility, dental, and orthopedics.
Pono Capital Two shareholders in February approved an operating extension up to Nov. 9 although redemptions left the SPAC with approximately $17.9 million in trust. The company had raised $100 million in a September 2022 IPO. The paerties have since agreed to extend the outside date for closing the deal to Sept. 30.
Last month Pono Capital Two said it received notice from the Nasdaq that the company had fallen below the minimum 1.1 million shares outstanding rule for a continued listing. The SPAC has until May 17 to regain compliance or submit a plan for doing so. Read more.
