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Benuvia agrees to pay $3 million and issue 8.0% share capital for their previously announced SPAC merger with Pono Capital Corp
JUPITER, FL/ACCESSWIRE/July 26, 2022/ Jupiter well-beingInc. (Nasdaq: JUPW) today announced that it has entered into a forbearance and settlement agreement with Benuvia, Inc., formerly Next Frontier Pharmaceuticals, a leading drug developer and manufacturer of active pharmaceutical ingredients.
Pursuant to the Forbearance and Settlement Agreement, Jupiter Wellness will forbear from exercising any rights and remedies available to it as specified in the Convertible Note Agreements, except for breach of the Forbearance Agreement. and settlement. Moreover, Benuvia is in negotiation for a similar solution with the main secured lender. All funds paid to Jupiter Wellness will be blocked until such agreement is reached.
In exchange for Jupiter Wellness forbearing, Benuvia agreed to a structured repayment plan in three installments of $1 million over the next three months. Additionally, in consideration for the agreements, Jupiter Wellness will receive 8.0% share capital from Benuvia from the merger of SPAC with Pono Capital Corp. on a fully diluted basis.
Benuvia recently entered into a definitive business combination agreement with Pono Capital Corp in a deal that involves a combined pro forma enterprise value of $440 million. Benuvia expects to receive up to $115 million in estimated gross proceeds from the transaction assuming no buyout, of which there can be no assurance. The transaction is expected to close in the fourth quarter of 2022 and Benuvia is expected to be listed on Nasdaq.
“I am pleased to announce that Jupiter Wellness and Benuvia have reached an agreement which we believe will be a great win for our shareholders,” said Brian John, CEO of Jupiter Wellness. “Through this agreement, Jupiter Wellness is able to realize substantial gains on our investment in Next Frontier Pharmaceuticals through our stake in the newly combined Benuvia SPAC.”
About Jupiter Wellness
Jupiter Wellness researches, develops, licenses and sells various wellness products focused on hair, skin and sexual health. His PhotolashMT, Minoxidil Booster and NoStingz are currently sold and licensed for sale in over 30 countries worldwide. For more information, please visit www.JupiterWellness.com.
E-mail: [email protected]
E-mail: [email protected]
This communication contains forward-looking statements regarding Jupiter Wellness, including the anticipated timing of studies and the results and benefits thereof. You can generally identify forward-looking statements by using forward-looking words such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “explore”, “evaluate”, “have the intent to”, “may”, “could”, “plan”, “potential”, “predict”, “project”, “seek”, “should” or “will”, or the negative thereof or of other variations thereof or comparable terminology. These forward-looking statements are based on each of the Company’s current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties, many of which are beyond Jupiter Wellness’ control. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements due to these and other risks and uncertainties affecting Jupiter Wellness, including those described from time to time under the heading “Critical Factors”. risk” and elsewhere in Jupiter Wellness’ Securities and Exchange Commission (SEC) filings and reports, including Jupiter Wellness’ Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and future filings and Jupiter Wellness reports. In addition, other risks and uncertainties not currently known to the combined company may also affect each of the companies’ forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. Investors are cautioned that forward-looking statements are not guarantees of future performance. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements and reflect the views expressed therein with respect to future events as of such dates, even if made subsequently. . available from Jupiter Wellness on its website or otherwise. Jupiter Wellness undertakes no obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date on which the statements forecasts have been made.
THE SOURCE: Jupiter Wellness Inc.
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