The Nasdaq debut of a Japanese maker of $555,000 flying motorbikes was a dud after its tie-up with a blank check that valued the company at more than $600 million failed to shake off the gloom surrounding SPAC mergers.
Aerwins Technologies Inc., which went public in a deal with Pono Capital Corp., a special purpose acquisition company, fell 59% from the price Pono closed at on Friday, triggering a pair of halts. The meltdown extends a volatile stretch for the shares that soared last week on a Bloomberg News report that the deal would be approved.
