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Pono Capital Two, Inc. Class A ( (PTWO) ) has issued an update.
Pono’s merger with SBC resulted in a total Merger Consideration of approximately $1.076 million, with Pono’s common stock ceasing trade and SBC’s common stock beginning trade on Nasdaq under “SBC”. Following the Business Combination, Pono’s trust account balance was roughly $16.731 million, used for transaction expenses and liabilities, and a post-Closing true up is expected 90 days after closing. Pono common stock and warrants holders received SBC’s equivalents, with public stockholders owning approximately 1.5%, the Sponsor and affiliates around 4.8%, and SBC’s former security holders about 93.7% of SBC common stock. SBC will provide Form 10 information due to Pono’s previous shell company status, and forward-looking statements are included, with risks detailed in prior SEC reports and proxy statements.
For a thorough assessment of PTWO stock, go to TipRanks’ Stock Analysis page.
