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SPAC · Deal announced · PONO

Pono Capital Four, Inc.

Business combination with Blackstar Orbital Technologies Corporation

Pono Capital Four, Inc. (PONO) is a blank-check company (SPAC) that raised $120M in its initial public offering on Mar 13, 2026, listing on Nasdaq Global Market. It agreed to combine with Blackstar Orbital Technologies Corporation, announced on Aug 6, 2026, at a stated value of $380M. The deal has not closed yet. D. Boral Capital led the IPO. Loeb & Loeb advised the SPAC and Winston & Strawn advised the underwriters on the IPO.

Reusable spacecraft, orbital transportation and reentry systems

Status
Deal announced
Ticker
PONO
IPO date
Mar 13, 2026
IPO size
$120M
IPO exchange
Nasdaq Global Market
Target
Blackstar Orbital Technologies Corporation
Target sector
Aerospace/Defense
Announced
Aug 6, 2026
Stated deal value
$380M
Combined company
Blackstar Orbital Corporation
IPO underwriters
D. Boral Capital
SPAC counsel (IPO)
Loeb & Loeb and Appleby
Underwriters' counsel (IPO)
Winston & Strawn

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