Tech SPAC PONO Capital files for a $100 million IPO

Tech SPAC PONO Capital files for a $100 million IPO

PONO Capital, a blank check company targeting businesses driving growth through technology, filed on Wednesday with the SEC to raise up to $100 million.

The Honolulu, HI-based 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 would command a market value of $129 million.

The company is led by CEO and Director Dustin Shindo, the CEO of Junify, a provider of zero trust network access software, and former CEO of Pono Health. The company plans to target high-quality growth businesses that are driving growth through technology, focusing on enterprise security and operations applications, cloud-based content and digital streaming services, and drone technology and service, among other industries.

PONO Capital was founded in 2021 and plans to list on the Nasdaq under the symbol PONOU. EF Hutton (formerly Kingswood Capital Markets) is the sole bookrunner on the deal.

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