(Bloomberg) – A Japanese aircraft-car maker will list on Nasdaq and begin trading as early as Friday in New York, becoming the fifth company from the Asian nation to enter the market. The tech scene is heavy, according to people familiar with the matter. with problem.
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Ali Technologies Inc. Tokyo-based company will go public through a merger with drum testing firm Pono Capital Corp. Under the terms of the agreement, ALI Technologies will become a wholly owned subsidiary of its U.S. subsidiary, Aerwins Technologies, the people said. unnamed because the information has not been made public.
Its market capitalization is expected to be at least $600 million, in line with last year’s target despite the market sell-off. Its ticker would be AWIN, one of the speakers said.
Pono Capital shares spiked 24% following the Bloomberg report, the biggest gain since SPAC went public in 2021.
A company representative said that while it is true that the SPAC listing is in progress, the details are yet to be decided.
ALI Technologies was initially considering an initial public offering in its home market, but decided to list on Nasdaq through a SPAC deal to speed up the process, a source said. Another said listing at home could take longer.
READ: $777,000 flying motorcycle maker prepares to IPO in Japan
The startup announced in September that it would aim to list on Nasdaq and that Aerwins Technologies would merge with Pono Capital. At the time, it was estimated that Aerwins would be valued at $600 million, with total outstanding shares reaching a maximum of $750 million, assuming no callbacks. However, many SPAC deals have collapsed since then, following the plunge in tech stocks and private valuations.
ALI Technologies was founded by former Merrill Lynch trader Shuhei Komatsu as a drone maker in 2016. The company later expanded into flying bikes, starting to sell bikes. Xturismo Limited in October. The $555,000 single-person transport can reach a top speed of 80kmh (50mph) and travel for up to 40 minutes per charge. The company lowered the dollar-based price from $777,000, citing the weak yen against the greenback.
Last year, the startup sold its first home-based Xturismo bike commercially to a local businessman. So far, the bike has been mostly considered an antique at public events, such as a recent baseball game.
(Pono Capital transaction update in fourth paragraph)
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