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.
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