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Completed · 17 Sept 2024PTWOU · NasdaqCIK 1930313Sponsor at IPO: Mehana Capital LLC

Pono Capital Two, Inc.

Now SBC Medical Group Holdings Inc · Name history

$118MTrust raised at IPO · 13% of public shares left after its last counted vote

Merged with SBC Medical Group Holdings Incorporated (SBC) · Healthcare and life sciences

  1. IPO4 Aug 2022
  2. Searching9 months
  3. Deal announcedAgreement signed
  4. Closed17 Sept 2024

Tavia Read What stands out, from the filings · snapshot 14

  1. 01

    Smaller than 59% of 2022’s SPAC IPOs.

    $115M raised, against a median of $115M for the 83 SPACs that priced in 2022.

  2. 02

    $10.25 in trust per unit, above the 2022 median.

    The median that year was $10.20. Above $10.00, the sponsor tops up the trust from its own private placement.

  3. 03

    87% of public shares redeemed across 3 votes.

    2 extension votes and the merger vote, counted from the SPAC’s 8-Ks. 13% of the public shares remained after the last one.

  4. 04

    Closed its merger 25 months after its IPO.

    The combined company is SBC Medical Group Holdings Incorporated (SBC). Sector: Healthcare and life sciences.

Worked out from checked figures in snapshot 14 · no forecasts or advice

Key terms

Other 2022 SPAC IPOs →
IPO priced
4 Aug 2022
IPO closed
9 Aug 2022
Raised
$115M1
Units sold
11,500,0001
Trust raised
$118M2
Trust per unit
$10.253
Unit
1 sh + 1 warrant4
Months to complete
95
Deadline before extensions
9 May 2023
Over-allotment
Exercised in full

Each unit: “one share of Class A common stock and one redeemable warrant”

Name history

The same company under every name it has filed with the SEC, tracked by its CIK, 1930313. This page keeps its IPO name; the others lead here.

  1. Pono Capital Two, Inc.At IPO14 Jun 2022 – 29 Aug 2024
  2. SBC Medical Group Holdings IncNow29 Aug 2024 – today

Dates are those EDGAR records for each name, as of 16 October 2026. A name change follows a shareholder vote or a merger’s closing, and is reported in an 8-K.

How it compares

Pono Capital Two, Inc. against the 83 SPACs that priced in 2022.

Raised
$115M
43% of 2022 SPACs are above it
2022 median: $115M
Trust per unit
$10.25
77% of 2022 SPACs are below it
2022 median: $10.20
Months to complete
9
84% of 2022 SPACs are above it
2022 median: 15
Redeemed across its votes
87%
71% of 2022 SPACs are above it
2022 median: 98%

Trust and redemptions

  1. Extension vote · 8 May 20239,577,250 of 11,500,000 redeemed (83%)
  2. Extension vote · 5 Feb 2024273,334 of 1,922,750 redeemed (14%)
  3. Merger vote · 23 Aug 2024135,471 of 1,649,416 redeemed (8%)

Public shares before each vote and the shares redeemed, as its 8-Ks (or the next 10-Q or 10-K) state them. Only votes whose redemptions were paid count.

Firms named in the prospectus

Bookrunners

Underwriters’ counsel

Auditor

Other SPACs from Pono Capital

Pono Capital’s track record →

Pono Capital has brought 4 SPACs to market since 1 January 2019, $465M in all: 3 completed, 1 with a deal announced. 3 of the 3 that reached an end completed a merger.

SPACIPORaisedStatusOutcomeMonths
Pono Capital Four, Inc.13 Mar 2026$120MDeal announced——
Pono Capital Three, Inc.9 Feb 2023$115MCompletedNew Horizon Aircraft Ltd. (HOVR)11
Pono Capital Two, Inc. This SPAC4 Aug 2022$115MCompletedSBC Medical Group Holdings Incorporated (SBC)25
Pono Capital Corp10 Aug 2021$115MCompletedAERWINS Technologies Inc. (AWIN)18

Months: from the IPO to the merger’s closing or the liquidation. SPACs are grouped by sponsor when their names, or their sponsor entities, match once the legal form and series numeral are taken off.

Peers

Other 2022 SPAC IPOs with EF Hutton as bookrunner.

SPACIPORaisedUnitStatus
Plutonian Acquisition Corp.9 Nov 2022$57.5M1 sh + 1 warrant + 1 right (1/6)Completed
EF Hutton Acquisition Corp I8 Sept 2022$115M1 sh + 1 warrant + 1 right (1/8)Completed
Embrace Change Acquisition Corp.9 Aug 2022$73.9M1 sh + 1 warrant + 1 right (1/8)Searching
Mobiv Acquisition Corp3 Aug 2022$100M1 sh + 1 warrantCompleted
Feutune Light Acquisition Corp17 Jun 2022$97.8M1 sh + 1 warrant + 1 right (1/10)Completed

Sources

  1. PFinal prospectus: 0001493152-22-021662
  2. 1Gross proceeds: 0001493152-22-023329On August 9, 2022, the Company consummated the Initial Public Offering of 11,500,000 Units, including 1,500,000 Units issued pursuant to the exercise of the underwriters’ over-allotment option in full, generating gross proceeds of $115,000,000.
  3. 2Trust raised: 0001493152-22-023329Following the closing of the Initial Public Offering on August 9, 2022, an amount of $117,875,000 ($10.25 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Placement Units was placed in a trust account
  4. 3Trust per unit: 0001493152-22-021662$102,500,000 or $117,875,000 if the underwriters’ over-allotment option is exercised in full ($10.25 per unit in either case), will be deposited into a segregated trust account located in the United States
  5. 4Unit composition: 0001493152-22-021662Each unit has an offering price of $10.00 and consists of one share of our Class A common stock and one redeemable warrant.
  6. 5Months to complete: 0001493152-22-021662If we are unable to complete our initial business combination within 9 months from the closing of this offering (or up to 18 months if we have elected to extend the time to complete our initial business combination)

Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.

How the figures are compiled
  • Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
  • Dated by. The date of the final prospectus.
  • Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
  • Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
  • Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
  • Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
  • Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
  • Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
  • Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
  • Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
  • Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
  • Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
  • Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
  • Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
  • Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
  • Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.

Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026

For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.