Original source:
Globe Newswire

Air mobility company AERWINS announces SPAC deal with Pono Capital Corp. to list publicly on Nasdaq




September 9, 2022
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Jump to heading Air mobility company AERWINS announces SPAC deal with Pono Capital Corp. to list publicly on Nasdaq

• AERWINS Technologies Inc., an air mobility platform firm, has announced the signing of a formal agreement to become a public company via a business combination with Pono Capital Corp., a Nasdaq listed company.

• AERWINS is valued at $600 million in the deal, resulting in a total pro forma equity value of roughly $750 million, assuming no redemptions in the business combination.

• A public listing is projected to allow AERWINS to drive the worldwide growth of its air mobility platform business, improve manufacturing capacity, new product research and development, and establish AERWINS as a recognized leader in air mobility.

• The deal is likely to conclude in either the fourth or first quarters of 2023, with AERWINS expected to be listed on the NASDAQ Capital Market under the symbols "AWIN" and "AWINW."

• AERWINS' Shuhei Komatsu will oversee the merged firm in Honolulu, Hawaii, and Tokyo.

Pono Capital Corp., a special purpose acquisition company (Pono), today announced the execution of a definitive Agreement and Plan of Merger with AERWINS Technologies Inc., a Delaware corporation, the parent company of A.L.I. Technologies Inc., a Japanese corporation. According to the Merger Agreement, AERWINS will combine with Pono Merger Sub, Inc., a wholly owned subsidiary of Pono, with AERWINS continuing as the surviving company as a wholly owned subsidiary of Pono, and AERWINS stockholders receiving Pono Class A Common Stock. In accordance with the Merger, AERWINS is anticipated to rename itself "Aerwins Technologies Operations, Inc." and Pono will rename itself "AERWINS Technologies, Inc."

AERWINS was formed with the objective of “changing the structure of society from the top down”, via its fully owned operational subsidiary A.L.I. AERWINS aspires to be a global leader in the air mobility sector and is developing the technology and services required to propel the industry forward.
Its first product, the luxury hoverbike XTURISMO Limited Edition, which AERWINS started creating in 2017, was inspired by the company's ambition to give a stunning new experience of flying through the air. With the product's introduction in October 2021, AERWINS started taking orders for the Japanese domestic market, and from June 2022, AERWINS has been accepting purchase applications from all around the globe.

AERWINS is also working hard to provide drone-based solution services and has created the C.O.S.M.O.S. flight operation management system. C.O.S.M.O.S. is a system designed to ensure airway safety when many unmanned and manned aircraft, such as XTURISMO and drones, use the lower aerospace. AERWINS is also promoting services that it feels can transform people's lives and establishing an infrastructure to support these services in preparation of the future industrial revolution in the sky. The air mobility business is seeing tremendous growth, and AERWINS is trying to establish the infrastructure, including hardware, software, and services, required for broad use of air mobility in society.

Pono and AERWINS think that if the merger is completed, it will encourage the worldwide growth of the AERWINS company, as AERWINS will be better positioned to become the global standard for air mobility.


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(Endi Corp and its affiliated Registered Investment Advisors do not own a position in Pono as of September 9, 2022)

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