Fri, Aug 16, 8:18 PM (151 days ago)
For the quarter ended June 30, 2024, Pono Capital Two, Inc. reported a net loss of $308,266, contrasting with a net income of $196,786 in Q2 2023. Operating costs increased to $460,648 from $430,842 year-over-year, while interest income from investments dropped significantly to $233,962 compared to $836,888 in the prior year. For the six months, the company experienced a net loss of $600,812 versus a profit of $810,119 in 2023. As of June 30, 2024, total assets were $19,525,808, down from $21,245,336 at year-end 2023, primarily due to reduced cash and marketable securities. Cash outside the Trust Account was $1,384,834, with a working capital deficit of $1,992,535. The company is facing liquidity challenges and must complete a business combination by November 9, 2024, to avoid liquidation. The ongoing merger with SBC Medical Group is pivotal, with recent amendments extending deadlines and adjusting terms. The company must navigate uncertainties, including compliance with Nasdaq listing requirements and potential excise taxes on stock redemptions, which may affect cash availability for future operations.