Pono Capital Four SPAC drops under $10 with little trading
Pono Capital Four Inc. Class A shares fell Wednesday, ending the day down at $9.88. The blank-check company saw light trading, and investors showed little new interest in the stock, despite the Nasdaq finishing at a record high. Pono is still a SPAC, meaning it’s a shell company looking for a target. It isn’t an operating firm. SPACs raise money first, then shop for a private merger partner. The move is significant for that reason.