Pono Capital Three, a blank check company targeting the disruptive technology sector in Japan, filed on Thursday with the SEC to raise up to $100 million in an initial public offering.
The Honolulu, HI-based company plans to raise $100 million by offering 10 million units at $10. Each unit contains one share of common stock and one whole warrant, exercisable at $11.50 At the proposed deal size, Pono Capital Three would command a market cap of $131 million.
Pono Capital Three is led by CEO and Director Davin Kazama, the founder and Manager of Driven PV, which develops and maintains clean energy systems, and Chairman Dustin Shindo, the co-founder and former CEO of software firm Junify Corporation and former CEO of Pono Health. Shindo has also been involved with August 2021 IPO Pono Capital (PONO; +2% from $10 offer price), which has a pending merger with air mobility developer AERWINS Technologies, and August 2022 IPO Pono Capital Two (PTWOU; +1%), which is still looking for a target.
Pono Capital Three plans to target the disruptive technology sector in Asia, particularly Japan. It plans to focus on industries including enterprise security and operations applications, cloud-based content and digital streaming services, and drone technology and service, among others.
Pono Capital Three was founded in 2022 and plans to list on the Nasdaq under the symbol PTHRU. EF Hutton is the sole bookrunner on the deal.
