SPAC Pono Capital Two cuts valuation of merger partner SBC to $1B

SPAC Pono Capital Two (NASDAQ:PTWO) has cut the valuation of its planner merger partner SBC Medical to $1B from $1.2B.

Pono disclosed the revaluation in an SEC filing. The merger deal was first announced in February.

Based in Japan, SBC is an operator of aesthetic medical clinics. Last November, Japanese consulting company Heartcore said it was assisting SBC Medical in preparing for an IPO on Nasdaq.

Pono Two’s sibling SPAC, Pono Capital (PONO), merged with Japanese air mobility technology developer Aerwins (AWIN) in February.