Article Image
IPFS News Link • Transportation: Air Travel

Maker Of Flying Motorcycle To Go Public In SPAC Deal

• https://www.zerohedge.com, by Tyler Durden

Bloomberg reported that blank-check firm Pono Capital Corp. announced the acquisition of Japanese flying motorbike maker ALI Technologies Inc. The deal is expected to close imminently, which means trading might start on the Nasdaq as early as tomorrow. 

People familiar with the deal said ALI Technologies would become a wholly owned unit of its US arm, Aerwins Technologies. They said the market cap is expected to be around $600 million adding the ticker will be "AWIN." 

Another person said ALI Technologies was considering an initial public offering on Japanese markets but wanted to be listed via a SPAC deal on the Nasdaq instead. The deal was first announced in September, and since, the SPAC market has slowed due to rising interest rates and increased regulatory scrutiny. 

In 2022, there were 86 SPACs, compared with a record 610 in 2021, according to S&P Global Market Intelligence data. 

Last month, Water Tower Research's chief analyst Robert Sassoon told clients that a winter cycle in SPACs could be nearing a trough, but before that happens, more pain is likely in the space. 

The timing of the flying motorbikes SPAC seems impeccable as US equities continue a multi-day ramp as investors wagered that the rate-hike cycle was nearing an end. 

... and by the way, these flying bikes cost $555,000. 

Pretty cool... but dangerous. 

1 Comments in Response to

Comment by Ed Price (10621)
Entered on:

Why do you need all that extra junk, when Frank Zapata has been zipping around for ages on 4 jet engines? https://www.bbc.com/news/world-europe-49225001