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.
Berenson Acquisition Corp. I (BACA) Signs Non-Redemption Agreements Berenson (NASDAQ:WTMA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure 655,715 shares from redemption. The filing did not note what incentive, if any, these investors received for agreeing not to redeem. The move comes as Berenson is...
Crixus BH3 Acquisition Company (NASDAQ: BHAC) announced in a filing this afternoon that it is postponing its extension vote to Friday, October 6, 2023 at 9:00 a.m ET. The meeting was originally to be held Friday, September 29, but presumably it has been moved to account for amendments to its proxy which was filed today...
Welsbach Technology Metals Acquisition Corp. (NASDAQ: WTMA) announced in an 8-K this afternoon that it is postponing its extension vote one day to 2 pm ET September 29. The SPAC would not be able to postpone it much further as its current transaction deadline falls on a Saturday the next day, September 30. At the...
Global Lights Acquisition Corp. (NASDAQ:GLAC) rolled out an S-1 on Friday, to become the 21st SPAC to file in 2023. This keeps the recent pace with two new SPACs filing to list in each of the past three months so far. Three out of the last four of those have also sought to raise $60...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Terran Orbital Closes 432.5 Million Public Offering Terran Orbital Corporation (NYSE: LLAP) (“Terran Orbital” or the “Company”), which combined with Tailwind Two in March 2022, today announced the closing of its previously announced public offering of 23,214,290...