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Flying-motorcycle maker loses altitude in stock debut

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Aerwins Technology Inc.’s stock lost about 56% of its value on Monday after the blank-check company Pono Capital completed its acquisition of the maker of battery-powered flying motorcycles.

Aerwins was valued at $600 million when Pono Capital announced plans to buy the company in September.

The stock fell to $5 a share on Monday after 99% of Pono Capital’s shareholders opted to redeem their stock rather than keep shares of the combined company, Bloomberg reported.

Under the deal, Pono Merger Sub Inc. merged with Aerwins Inc., with Aerwins Inc. continuing as a wholly owned subsidiary of the company, which was previously named Pono Capital Corp. and is now named Aerwins Technology Inc
AWIN,
-50.32%
.

Shuhei Komatsu, who was formerly the CEO of Aerwins Inc., is now CEO, chair and board member of Aerwins Technology Inc.

The company makes the Xturismo hoverbike, which travels at speed of up to 62 miles per hour. The limited edition, now on sale in Japan, costs about $77,000.

Most special-purpose acquisition companies, or SPACs, feature stock redemptions, which allow investors to sell back their shares if they want to cash in ahead of a portfolio company acquisition or if they don’t like a proposed business combination.

Also read: Bridger Aerospace stock set to double on first day after SPAC merger completed

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Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

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