The shares of Japan’s Aerwins (NASDAQ:AWIN) stock have begun trading today on the Nasdaq. To list its shares in New York, the company, which makes a hoverbike and a “flight management operation system,” merged with a special-purpose acquisition company (SPAC) called Pono Capital. Pono’s shares rose 25% on the news last week.
However, after the market’s opening, AWIN stock sank over 40%. And within about 20 minutes of trading Nasdaq temporarily suspended AWIN stock for “volatile trading.” When it started trading again 10 minutes later, it sank another 10% just to get halted again. As of publication, AWIN stock had resumed trading and still trending downwards.
AWIN Stock: More About Aerwins and Its Merger
Aerwins has developed a “hoverbike” called the Xturismo. Powered by both a battery and gasoline, the bike can go about 25 miles on each trip and has a maximum speed of around 55 miles per hour. It weighs in at 660 pounds and costs $770,000.
The company hopes to sell a smaller, electric hoverbike for around $50,000 in two years.
The company also sells its “C.O.S.M.O.S.” system. It is a “drone monitoring and management platform service” which allows drones to be tracked and operated more quickly, efficiently and safely.
Aerwins’ merger with Pono valued Aerwins at $600 million. PONO’s shareholders approved the deal on Jan. 27.
Additional Information About XTURISMO
Aerwins carried out the first delivery of an XTURISMO on Dec. 16. In December, Aerwins reported “that it is currently receiving orders and inquiries from all over the world,” but did not specify how many orders it had obtained. The company believes that the product can be utilized “in disaster relief, infrastructure inspection, and entertainment.”
The device is reportedly inspired by the “land speeders” in Star Wars. The company plans to start selling it in the U.S. later this year. It is not classified by Japan as an aircraft, and the country does not require its users to have a pilot’s license.
Aerwins hopes that America will also not classify the product as an aircraft.
On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.