Pono Capital Two (PTWO) Cuts Valuation in Re-Strike for SBC Medical Group
by Nicholas Alan Clayton on 2023-09-11 at 7:22am

Pono Capital Two (NASDAQ:PTWO) announced in an 8-K this morning that it has dropped its valuation in its combination with SBC Medical Group to $1 billion from $1.2 billion.

The wording of the filing does not provide a clear causality for the change, but both versions provided for up to $3 million in equity compensation being removed based on the company’s net working capital at close.

Some things have changed on the SPAC side however, as the two parties announced their deal in February 2023 and the SPAC experienced 83.3% redemptions at a May extension vote. This leaves it with about $20 million in trust.

The combination does not include a minimum cash condition, but conversations with investors may have set the ground for concessions on the sellers’ side. Tokyo-based SBC Medical operates a diversified medical group that includes clinics for cosmetic beauty procedures in both Japan and the US. The company boasted revenue of about JPY 1 billion ($6.8 million) in 2022.

The group noted at announcement that its network operates out of one hospital and 25 clinics of varying types ranging from cosmetic dermatology and dentistry to orthopedics, gynecology and infertility treatments. Two of these clinics operate overseas and the total group has about 5,267 employees across its nine subsidiaries.

It has specialized in eyelid surgeries with prices ranging from $1,900 to $3,700, or $2,800 on average according to its US websites.

Recent Posts
by Marlena Haddad on 2023-11-29 at 5:07pm

CF Acquisition Corp. VIII (NASDAQ:CFFE) announced this afternoon that it has completed its combination with B2B software firm Exela. Although shareholders had previously approved the deal during a special meeting on August 24, no specific timeline for its next steps had been disclosed at that time. Additionally, a proposal was passed at the meeting to change...

by Nicholas Alan Clayton on 2023-11-29 at 11:13am

DUET Acquisition Corp. (NASDAQ:DUET) has signed a business combination agreement with social media firm Fenix 360 at an enterprise value of $610 million. Singapore-based Fenix 360 is developing an app-based social media platform designed for artists to better engage with fans and monetize interactions. The combined company is expected to trade on the Nasdaq once...

by Marlena Haddad on 2023-11-29 at 8:21am

PROOF Acquisition Corp I (NYSE: PACI) announced this morning that its shareholders have approved its business combination with private aviation company Volato at a special meeting held on November 28. Approximately 97% of the votes cast at the meeting were cast in favor of the approval of the deal. The SPAC did not disclose redemption...

by Nicholas Alan Clayton on 2023-11-29 at 7:54am

At the SPAC of Dawn Filings after the bell yesterday provided another three-liquidation day for SPACs bringing this week’s tally to four and extending a streak of five straight weeks with four to five liquidations each week. With 178 SPACs having announced a liquidation so far in 2023, the year’s total number could well exceed...

by Marlena Haddad on 2023-11-28 at 10:03am

Plum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved