Pono Capital Three (PTHR) Completes Horizon Aircraft Deal
by Marlena Haddad on 2024-01-12 at 1:27pm

Pono Capital Three (NASDAQ:PTHR) announced this afternoon that it has closed its combination with eVTOL aircraft developer Horizon Aircraft.

Beginning January 16, the combined company’s shares and warrants will trade on the Nasdaq under the ticker symbols “HOVR” and “HOVRW”, respectively. PTHR shareholders previously approved the deal at a special meeting held on January 4.

Investors redeemed 99.8% of shares in connection with the completion vote, however, leaving the SPAC with around 23,315 shares remaining post-vote.

To help balance this out, Pono Three secured a subscription agreement of $2 million from an unnamed investor January 4, which is expected to close in connection with the completion of the combination.

Pono Three announced its deal with Horizon in August 2023. Toronto-based Horizon has developed a hybrid eVTOL design that involves lifting the craft vertically with rotors inside its wings and forward with a larger propeller at its rear.

The combined company intends to utilize this listing to accelerate its growth by providing resources to continue the development and testing of its real-world use of the hybrid eVTOL.

Founder, CEO and Chairman of the Board of Horizon Aircraft Brandon Robinson, along with the current management team including COO Jason O’Neill, Chief Engineer Brian Robinson, and CFO Brian Merker, will continue to lead the company.


ADVISORS

  • Company
    • Dorsey & Whitney LLP is serving as U.S. legal counsel.
    • Gowling WLG (Canada) LLP is serving as Canadian legal counsel.
  • SPAC
    • Nelson Mullins Riley & Scarborough LLP is serving as U.S. legal counsel.
    • Fang and Associates is serving as Canadian legal counsel.
Recent Posts
by Nicholas Alan Clayton on 2024-03-04 at 1:43pm

Deals and Funding Power & Digital II (NASDAQ:XPDB) has expanded the PIPE for its combination with Montana Technologies to about $50 million in commitments led by Carrier (NYSE:CARR) and Rice Investment Group. Blue World (NASDAQ:BWAQ) has amended its combination with TOYO Solar to reflect that it has been restructured under new ownership. Entities called WAG,...

by Nicholas Alan Clayton on 2024-03-04 at 7:43am

At the SPAC of Dawn The first full week of March comes with a bevy of votes as SPACs investors will be asked to help complete nine deals and extend seven other SPACs’ transaction timelines. Two SPACs are set to come off the board today, however, as Revelstone (NASDAQ:RCAC) and Vector II (NASDAQ:VAQC) commence their...

by Anthony Sozzi on 2024-03-02 at 11:58am

Contributions to trust are typically expected from sponsors looking to retain as much of the trust account as possible that need additional time to complete business combinations. With “time to complete” steadily increasing over the past months, redemptions from the trust account do not look to be slowing down, regardless of what SPAC teams do...

by Kristi Marvin on 2024-03-02 at 11:45am

Terms Tracker for the Week Ending March 1, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The last week of February turned out to be a sluggish one with not a lot happening on the new issuance front. Once again, there...

by Nicholas Alan Clayton on 2024-03-01 at 1:28pm

News and Rumors Bloomberg: Digital World (NASDAQ:DWAC) and its target Trump Media and Technology Group (TMTG) were hit by a new wave of legal headaches this week as both the founders of its Truth Social platform and Digital World CEO Patrick Orlando filed lawsuits over the deal’s closing share allocations. One of the suits has...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved