Horizon Aircraft, an electric Vertical TakeOff and Landing (eVTOL) aircraft developer, announces the signing of a definitive agreement to go public via a business combination with Pono Capital Three, Inc., a Nasdaq listed company. – Updated
Honolulu, Hawaii and Toronto, Canada, Aug. 17, 2023 (GLOBE NEWSWIRE) — Pono Capital Three, Inc. (NASDAQ:PTHR, PTHRU and PTHRW), a special purpose acquisition company (“Pono”), has announced the execution of a definitive Business Combination Agreement (the “Business Combination Agreement”) with Robinson Aircraft Ltd. (the “Target Company”), a British Columbia company doing business as Horizon Aircraft (“Horizon Aircraft”). Pursuant to the Business Combination Agreement, it is intended that the Target Company will amalgamate with Pono Three Merger Sub, Inc., a wholly owned subsidiary of Pono, with the resulting combined company continuing as a wholly owned subsidiary of Pono. Stockholders of the Target Company will receive shares of common stock of Pono (the “Business Combination”). In connection with the Business Combination, it is expected that the Target Company will change its name to “Horizon Aircraft, Inc.,” and that Pono will redomesticate as a British Columbia company (the “Redomestication”) and change its name to “Horizon Aircraft Holdings Incorporated.”