Japan startup selling $550,000 Star Wars-inspired hoverbike to list on NASDAQ

Aerwins Technologies

03/02/2023 06:36

Feb 3 (Reuters) - Japanese startup Aerwins Technologies,
which is selling a Star Wars-inspired $555,000 hoverbike, has
received approval to list on the NASDAQ in a merger with
blank-check firm Pono Capital Corp  PONO.O , the manufacturer
said on Friday.
    Aerwins, which is taking orders for the XTurismo hoverbike
with a motorcycle-like body on top of propellers that it
unveiled last year, estimates it will be valued at $600 million
in the transaction.
    The deal comes at a time when other mobility startups have
faced difficulty raising funding, with valuations under pressure
and a sharp reversal of what had been a market boom for listings
through special-purpose acquisition companies (SPAC).
    SPACs, like Pono, raise money in public offerings and then
aim to merge with a private company to take it public, offering
a shorter listing timeframe to the acquired company.
    Shares in Pono closed up 24% on Thursday, the largest gain
since it listed in 2021.
    Aerwins, which also sells drones and related technology,
says its hoverbike can fly for up to 40 minutes and up to 100
kph (62 mph). It has pitched the bike as a tool for rescue
workers, infrastructure inspection and as a showpiece for public
entertainment.
    The 300-kilogram (661 pounds) machine rests on landing skids
when stationary and is powered by an engine from Kawasaki
Heavy  7012.T  and a battery system.
    Started as ALI Technologies in Tokyo, the company said in a
statement to Reuters that NASDAQ had approved its listing on
Thursday, with trading to begin on Monday.
    Aerwins, which shifted its headquarters to Delaware from
Tokyo ahead of the listing, has reported one sale of the
hoverbike, to Japanese entrepreneur, Yoshiyuki Aikawa.
    Aikawa's company, SBC Medical Group, which operates cosmetic
medical centres in Japan, is going public through a merger with
another Pono-related blank check company, Pono Capital Two
 PTWO.O .
    Early backers of the startup ALI include Mitsubishi Electric
 6503.T  and Kyocera  6971.T , as well as retired Japanese
soccer star Keisuke Honda.
    Bloomberg first reported the timing of the Aerwins merger. 
 (Reporting By Kevin Krolicki; Editing by Jamie Freed)
 ((kevin.krolicki@thomsonreuters.com; +813 6441 1800; Reuters
Messaging: kevin.krolicki.thomsonreuters.com@reuters.net))