Pono Capital Two, a blank check company targeting the disruptive technology sector in Japan, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering.
The company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Pono Capital Two would command a market value of $130 million.
Pono Capital Two is led by CEO and Director Darryl Nakamoto, the President and Owner of Viv, LLC and the Controller of Hawaiian Springs, and Chairman Dustin Shindo, the CEO of software firm Junify Corporation and former CEO of Pono Health. Shindo also serves as CEO of August 2021 IPO Pono Capital (PONO; +1% from $10 offer price), which has a pending merger agreement with cannabinoid developer Benuvia.
The company seeks to focus on disruptive technology in Japan, believing that the county's wealth of technology companies, specifically in consumer electronics, and room for dividend growth make for an attractive target.
The Honolulu, HI-based company was founded in 2022 and plans to list on the Nasdaq, but has not yet chosen a symbol (RC Ticker: PONBU.RC). EF Hutton is the sole bookrunner on the deal.
