( Reuters)– Japanese start-up Aerwins Technologies, which is offering a Star Wars-inspired $555,000 hoverbike, has actually gotten approval to list on the NASDAQ in a merger with blank-check company Pono Capital Corp, the producer stated on Friday.
Aerwins, which is taking orders for the XTurismo hoverbike with a motorcycle-like body on top of props that it revealed in 2015, approximates it will be valued at $600 million in the deal.
The offer comes at a time when other movement start-ups have actually dealt with trouble raising financing, with appraisals under pressure and a sharp turnaround of what had actually been a market boom for listings through special-purpose acquisition business (SPAC).
SPACs, like Pono, raise cash in public offerings and after that goal to combine with a personal business to take it public, using a much shorter listing timeframe to the obtained business.
Shares in Pono closed up 24% on Thursday, the biggest gain considering that it noted in 2021.
Aerwins, which likewise offers drones and associated innovation, states its hoverbike can fly for as much as 40 minutes and as much as 100 kph (62 miles per hour). It has actually pitched the bike as a tool for rescue employees, facilities evaluation and as a masterpiece for public home entertainment.
The 300- kg (661 pounds) maker rests on landing skids when fixed and is powered by an engine from Kawasaki Heavy and a battery system.
Started as ALI Technologies in Tokyo, the business stated in a declaration to Reuters that NASDAQ had actually authorized its listing on Thursday, with trading to start on Monday.
Aerwins, which moved its head office to Delaware from Tokyo ahead of the listing, has actually reported one sale of the hoverbike, to Japanese business owner, Yoshiyuki Aikawa.
Aikawa’s business, SBC Medical Group, which runs cosmetic medical centres in Japan, is going public through a merger with another Pono-related blank check business, Pono Capital Two.
Early backers of the start-up ALI consist of Mitsubishi Electric and Kyocera, in addition to retired Japanese soccer star Keisuke Honda.
Bloomberg initially reported the timing of the Aerwins merger.
(Reporting By Kevin Krolicki; Editing by Jamie Freed)