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.
Willow Lane (NASDAQ:WLACU) has filed for a $110 million SPAC to be the latest repeat SPAC team returning to the market with the help of underwriter BTIG. BTIG is, in fact, leading recent underwriter activity with four new SPACs filed since the August 1, while no other firm has been left lead for more than...
At the SPAC of Dawn While SPACs settle into a slight pause through Rosh Hashanah, de-SPACs are also entering another period of holiday-based trading patterns. Traders following the usual “Sell in May and Go Away” pattern this year would have missed out on a major late-summer market rally. But, stocks may now feel the effects...
At the SPAC of Dawn As SPACs switch back into gear with a new cycle, traditional IPO road shows are heating up into the fourth quarter as well. A raft of private equity-backed companies have determined now is the time to strike and the period between the Fed’s September rate slash and the November election...
Earth, Wind & Fire may have been on to something with the end of September and “chasin’ the clouds away“. The SPACs from the past are still lingering which are affecting the averages as newly issued SPACs have come to market in the past year. Each has the same goal of bringing a target company...
Ocean Capital Acquisition Corporation (Nasdaq:OCACU) filed this morning for a $60 million offering to be underwritten by Brookline Capital Markets. This is only the second offering for Brookline where they will be in the position of sole bookrunner, with DT Cloud Acquisition Corporation being their first. However, Brookline has been a bookrunner to the right...