(Image courtesy of the AERWINS website.)
On February 6, 2023, the holding company of A.L.I. Technologies (A.L.I.), a developer of air mobility solutions including drones and hoverbikes, completed its merger (De-SPAC) with a U.S. SPAC (Pono Capital Corp.). The company changed its name to AERWINS Technologies Inc. and was listed on Nasdaq.
A.L.I.'s Path to Nasdaq Listing
A.L.I. had established AERWINS Technologies, Inc. (AERWINS) in the United States as its holding company and announced on September 7, 2022, that it was planning to list on Nasdaq through a merger with the Special Purpose Acquisition Company (SPAC), Pono Capital Corp. (Pono). Subsequently, on December 1, 2022, Pono filed a Form S-4 with the SEC. After several amendments to the S-4, it was declared effective on January 13, 2023.
A SPAC is typically required to find an acquisition target and complete a merger within 24 months of its listing. Pono was listed on Nasdaq on August 13, 2021, so its schedule aimed to complete the De-SPAC by August 2023. While SPACs experienced a major boom from 2020 to 2021, the market has cooled rapidly in recent years, with a continuous stream of SPACs dissolving after failing to complete a De-SPAC.
Pono’s auditor is Marcum LLP, and AERWINS’s auditor is TAAD LLP. It has not been clarified at this time which auditor will continue to audit the company post-De-SPAC.
A.L.I. Company Profile
Information in parentheses is for the U.S. entity that was listed.
- Company Name: A.L.I. Technologies Inc. (AERWINS Technologies Inc.)
- Head Office: Shibaneko Annex 6F, 3-1-8 Shiba Koen, Minato-ku, Tokyo (600 N Broad Street, Suite 5 # 529, Middletown, Delaware 19709)
- Representative: Daisuke Katano, President and CEO (Shuhei KOMATSU / Director, Chairman and CEO)
- Established: September 2016
- Capital: 100 million JPY (As of the end of December 2021)
- Business Description:
-R&D, manufacture, and sale of hoverbikes (air mobility bikes)
-R&D and consulting for industrial drones
-Operation of industrial drones for inspection, surveying, etc.
-R&D of integrated drone operation management systems
-Provision of cloud GPU services
Please also see our other articles on SPACs.
Our firm provides support for Japanese companies aiming to list on Nasdaq. Please feel free to contact us using the inquiry form below.
