A Nelson Mullins team is representing Pono Capital Corp. in its definitive agreement with Benuvia that will result, subject to the satisfaction or waiver of certain closing conditions, in Benuvia becoming a public company. Benuvia will apply to be listed on Nasdaq. The Nelson Mullins team included Andy Tucker, Peter Strand, Seth Webster, and Brooke Alexander, with assistance from Wells Hall, Drew Hermiller, Christopher Hanson, Matthew Zischke, and Anthony Laurentano. 

Benuvia owns the FDA-approved cannabinoid drug SYNDROS® (dronabinol oral solution CII) and one of the largest synthetic cannabinoid manufacturing facilities in the U.S. SYNDROS® is FDA approved as a prescription drug for the treatment of chemotherapy-induced nausea and vomiting in cancer patients and loss of appetite in AIDS patients who have lost weight. Benuvia is also pursuing a 505(b)(2) approval pathway with the FDA for three additional indications, including its previously announced plans to commence Phase II clinical trials in the 2H 2022 for Alzheimer’s Disease Agitation (“Agit-AD”).

Pono Capital Corp is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The business combination implies a pro forma enterprise valuation for Benuvia of $440 million. The transaction will provide approximately $115 million in estimated gross proceeds to Benuvia, assuming no redemption by Pono shareholders.

The transaction is expected to close in the third quarter of 2022, subject to, among other things, the approval by Pono Capital Corp stockholders, satisfaction or waiver of the conditions stated in the business combination agreement, and other customary closing conditions, including a registration statement being declared effective by the U.S. Securities and Exchange Commission (the “SEC”) and approval by Nasdaq to list the securities of the combined company.