Item 5. Market for Registrant’s Common Equity
Item
5. Market
for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market
Information
Our
common stock began trading on the Nasdaq Global Market under the symbol “SBC” and our warrants began trading on the Nasdaq
Capital Market under the symbol “SBCWW” on September 18, 2024. On March 21, 2025, the closing price of our common stock was
$3.74 per share and the closing price of our warrants was $0.201.
Holders
of Record
As of February 28, 2025, we had approximately
34 holders of record of our common stock, with 103,881,251 shares issued (including 270,000 shares of treasury stock) and 103,611,251
shares outstanding. We also had two holders of record of our Public Warrants, consisting of 11,500,000 Public Warrants originally issued
in Legacy Pono’s IPO and 634,375 Private Placement Warrants held by the Sponsor, with total of 12,134,375 warrants issued and outstanding.
The number of record holders does not include beneficial owners of common stock or warrants whose shares are held in the names of banks,
brokers, nominees, or other fiduciaries.
Dividends
We
have not paid any cash dividends on our common stock and do not currently anticipate paying cash dividends in the foreseeable future.
The agreements into which we may enter in the future, including indebtedness, may impose limitations on our ability to pay dividends
or make other distributions on our capital stock. Payment of future dividends on our common stock, if any, will be at the discretion
of our board of directors and will depend on, among other things, our results of operations, cash requirements and surplus, financial
condition, contractual restrictions and other factors that our board of directors may deem relevant. We intend to retain future earnings,
if any, for reinvestment in the development and expansion of our business.
Transfer
Agent and Registrar
The
Company’s transfer agent and registrar for our Common Stock and Public Warrants is Continental Stock Transfer & Trust Company
located at 1 State Street, New York, NY 10004 and their telephone is (212) 509-4000.
Unregistered
Stock Issuances
Simultaneously
with the closing of the Company’s Initial Public Offering on August 9, 2022, the Company consummated the sale of 634,375 units
(the “Placement Units”) at a price of $10.00 per Placement Unit in a private placement to Mehana Capital LLC (the “Sponsor”),
including 63,000 Placement Units issued pursuant to the exercise of the underwriters’ over-allotment option in full, generating
gross proceeds of $6,343,750.
103
Stock
Performance Graph
As
a “smaller reporting company” as defined by Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), the Company is not required to provide the information required under this Item.
Item
6. [Reserved].