Aerwins Technology Inc.’s inventory misplaced about 56% of its worth on Monday after the blank-check firm Pono Capital accomplished its acquisition of the maker of battery-powered flying bikes.
Aerwins was valued at $600 million when Pono Capital introduced plans to purchase the corporate in September.
The inventory fell to $5 a share on Monday after 99% of Pono Capital’s shareholders opted to redeem their inventory moderately than hold shares of the mixed firm, Bloomberg reported.
Under the deal, Pono Merger Sub Inc. merged with Aerwins Inc., with Aerwins Inc. persevering with as an entirely owned subsidiary of the corporate, which was beforehand named Pono Capital Corp. and is now named Aerwins Technology Inc
AWIN,
Shuhei Komatsu, who was previously the CEO of Aerwins Inc., is now CEO, chair and board member of Aerwins Technology Inc.
The firm makes the Xturismo hoverbike, which travels at pace of as much as 62 miles per hour. The restricted version, now on sale in Japan, prices about $77,000.
Most special-purpose acquisition firms, or SPACs, characteristic inventory redemptions, which permit traders to promote again their shares in the event that they need to money in forward of a portfolio firm acquisition or in the event that they don’t like a proposed enterprise mixture.
Also learn: Bridger Aerospace inventory set to double on first day after SPAC merger accomplished
Source web site: www.marketwatch.com
