HONOLULU, HI / ACCESSWIRE / August 18, 2021 / Pono Capital Corp (the "Company") today announced that it closed the issuance of an additional 1,500,000 units pursuant to the exercise of the underwriters' option to purchase additional units in connection with its initial public offering at $10.00 per unit, resulting in gross proceeds of $15,000,000 and bringing the total gross proceeds of the initial public offering to $115,000,000.
The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on companies in the disruptive technology sector with a spotlight on companies in Asia with Japan in particular (but expressly not in China or Hong Kong).
EF Hutton, division of Benchmark Investments, LLC, acted as the sole book-running manager of the offering.
The Company's units are listed on The Nasdaq Capital Market ("Nasdaq") and commenced trading on August 11, 2021 under the ticker symbol (NASDAQ:PONOU). Each unit consists of one share of Class A common stock and three-quarters of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the share of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols "PONO" and "PONOW" respectively.
Of the proceeds received from the consummation of the initial public offering (as well as the exercise of the option to purchase additional units) and related private placements of units, $116,725,000 (or $10.15 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of August 13, 2021 reflecting receipt of the proceeds upon consummation of the initial public offering and the concurrent private placement (but not including the closing of the additional units described herein or the private placement on such date) will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (the "SEC").
A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on August 10, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering was made by means of a prospectus. Copies of the prospectus relating to this offering may be obtained from EF Hutton, division of Benchmark Investments LLC, Attn: Syndicate Department, 590 Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at [email protected].
Cautionary Note Concerning Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the Company's search for an initial business combination. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement for the initial public offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Pono Capital Corp
643 Ilalo Street
Honolulu, Hawaii 96813
Attn: Dustin Shindo, CEO
SOURCE: Pono Capital Corp.