Honolulu, Hawaii, Aug. 10, 2022 (GLOBE NEWSWIRE) — Pono Capital Corp (NASDAQ: PONO) (the “Company” or “Pono”), a special purpose acquisition company, announced today that it has terminated its previously announced agreement and plan of merger (the “Business Combination Agreement”) with Benuvia, Inc. (“Benuvia”), by mutual agreement of all relevant parties. As a result, Pono will seek an alternative business combination.
About Pono Capital Corp
Pono is a blank check company formed for the purpose of effecting a business combination with one or more businesses. In August 2021, Pono consummated a $116 million initial public offering of 11.6 million units (reflecting the underwriters’ exercise of their over-allotment option in full), each unit consisting of one of the Company’s Class A ordinary shares and three-quarters of one warrant, each whole warrant enabling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Pono’s securities are listed on Nasdaq under the ticker symbols PONOU, PONO and PONOW. Although there was no restriction or limitation on what industry or geographic region its targets operated in, Pono pursued prospective targets that provide technological innovation in a range of traditionally managed industries with particular emphasis on the financial services industry.
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