Wolverine funds disclose 5.69% stake in Pono Capital Four, Inc. (PONO)

Rhea-AI Filing Summary

Wolverine Asset Management, LLC and related parties are significant shareholders of Pono Capital Four, Inc. They beneficially own 694,900 Class A Ordinary Shares, representing 5.69% of the outstanding class, based on 12,205,000 shares outstanding as of May 14, 2026.

Wolverine Asset Management, Wolverine Holdings, LLC, and managers Christopher L. Gust and Robert R. Bellick share voting and dispositive power over these shares, with no sole voting or dispositive authority. Wolverine Flagship Fund Trading Limited has the right to receive dividends and sale proceeds associated with this position.

Key Figures

Shares beneficially owned: 694,900 Class A Ordinary Shares Ownership percentage: 5.69% of Class A Ordinary Shares Shares outstanding baseline: 12,205,000 shares +1 more

4 metrics

Shares beneficially owned 694,900 Class A Ordinary Shares Beneficially owned by Wolverine Asset Management, LLC and related reporting persons

Ownership percentage 5.69% of Class A Ordinary Shares Percentage of Pono Capital Four, Inc. Class A Ordinary Shares beneficially owned by each reporting person

Shares outstanding baseline 12,205,000 shares Class A Ordinary Shares outstanding as of May 14, 2026, used to calculate the 5.69% stake

Par value per share $0.0001 per share Par value of Pono Capital Four, Inc. Class A Ordinary Shares

Key Terms

beneficial owner, shared voting power, dispositive power, investment adviser

4 terms

beneficial owner financial

"WAM may be deemed the beneficial owner of 5.69% of the Issuer's outstanding Class A Ordinary Shares."

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

shared voting power financial

"WAM has shared power to vote or direct the vote of 694,900 of the Issuer's Class A ordinary shares."

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

dispositive power financial

"WAM has shared power to dispose, or direct the disposition, of 694,900 of the Issuer's Class A ordinary shares."

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

investment adviser financial

"Wolverine Asset Management, LLC ("WAM") is an investment adviser and has voting and dispositive power over 694,900 of the Issuer's Class A ordinary shares."

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/14/2026 - 10:58 AM Accepted by SEC EDGAR 07/14/2026 - 10:57 AM Learn about SEC filing dates

FAQ

What stake does Wolverine Asset Management hold in Pono Capital Four (PONO)?

Wolverine Asset Management, LLC and related parties beneficially own 694,900 Class A Ordinary Shares of Pono Capital Four, Inc., equal to 5.69% of the outstanding class. This percentage is based on 12,205,000 total shares outstanding as of May 14, 2026.

How many Pono Capital Four (PONO) shares were outstanding for this ownership calculation?

The reported 5.69% ownership is calculated using 12,205,000 Class A Ordinary Shares of Pono Capital Four, Inc. outstanding as of May 14, 2026, as referenced in the company’s quarterly report for that date.

Who has voting and dispositive power over Wolverine’s Pono Capital Four (PONO) shares?

Shared voting and dispositive power over 694,900 Class A Ordinary Shares rests with Wolverine Asset Management, LLC, Wolverine Holdings, LLC, and managers Christopher L. Gust and Robert R. Bellick. None of these reporting persons holds sole voting or sole dispositive power over the shares.

Which entity receives economic benefits from Wolverine’s Pono Capital Four (PONO) holdings?

Wolverine Flagship Fund Trading Limited is entitled to receive dividends and proceeds from the sale of the Pono Capital Four Class A Ordinary Shares that may be deemed beneficially owned by Wolverine Asset Management, LLC, reflecting the fund’s economic interest in this position.

What class of Pono Capital Four (PONO) securities is held by Wolverine?

The position consists of Class A Ordinary Shares of Pono Capital Four, Inc., with a par value of $0.0001 per share. These shares are identified by CUSIP G71702107 and represent the company’s publicly traded equity class referenced in the ownership report.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Pono Capital Four, Inc.

(Name of Issuer)

Class A Ordinary Shares, par value $0.0001 per share

(Title of Class of Securities)

G71702107

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): G71702107

1

Names of Reporting Persons

Wolverine Asset Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 694,900.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 694,900.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

694,900.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.69 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): G71702107

1

Names of Reporting Persons

Wolverine Holdings, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 694,900.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 694,900.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

694,900.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.69 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP Number(s): G71702107

1

Names of Reporting Persons

Christopher L. Gust

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 694,900.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 694,900.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

694,900.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.69 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP Number(s): G71702107

1

Names of Reporting Persons

Robert R. Bellick

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 694,900.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 694,900.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

694,900.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.69 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Pono Capital Four, Inc.
(b)	Address of issuer's principal executive offices: Suite 210, 2nd Floor Windward III, Regatta Office Park, PO Box 500, Grand Cayman, Cayman Islands
Item 2.
(a)	Name of person filing: Wolverine Asset Management, LLC Wolverine Holdings, LLC Christopher L. Gust Robert R. Bellick
(b)	Address or principal business office or, if none, residence: c/o Wolverine Asset Management, LLC 175 West Jackson Boulevard, Suite 340 Chicago, IL 60604
(c)	Citizenship: Wolverine Asset Management, LLC - Illinois Wolverine Holdings, LLC - Delaware Christopher L. Gust - U.S. Citizen Robert R. Bellick - U.S. Citizen
(d)	Title of class of securities: Class A Ordinary Shares, par value $0.0001 per share
(e)	CUSIP Number(s): G71702107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Wolverine Asset Management, LLC ("WAM") is an investment adviser and has voting and dispositive power over 694,900 of the Issuer's Class A ordinary shares. The sole member and manager of WAM is Wolverine Holdings, LLC ("Wolverine Holdings"). Robert R. Bellick and Christopher L. Gust, may be deemed to control Wolverine Holdings in their roles as Managers of Wolverine Holdings. Each of Wolverine Holdings, Mr. Bellick, and Mr. Gust have voting and dispositive power over 694,900 of the Issuer's Class A ordinary shares.
(b)	Percent of class: WAM may be deemed the beneficial owner of 5.69% of the Issuer's outstanding Class A Ordinary Shares and each of Wolverine Holdings, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 5.69% of the Issuer's outstanding Class A Ordinary Shares. Percentages were calculated by dividing the number of shares deemed beneficially owned by each reporting person by 12,205,000 (the number of shares outstanding as of May 14, 2026 according to the Issuer's 10-Q filed May 14, 2026).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: WAM has shared power to vote or direct the vote of 694,900 of the Issuer's Class A ordinary shares, and each of Wolverine Holdings, Mr. Bellick, and Mr. Gust has shared power to vote or direct the vote of 694,900 of the Issuer's Class A ordinary shares, in each case as set forth in Item4(a) above.
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: WAM has shared power to dispose, or direct the disposition, of 694,900 of the Issuer's Class A ordinary shares, and each of Wolverine Holdings, Mr. Bellick, and Mr. Gust has shared power to dispose, or direct the disposition, of 694,900 of the Issuer's Class A ordinary shares, in each case as set forth in Item4(a) above.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Wolverine Flagship Fund Trading Limited is known to have the right to receive the receipt of dividends from, or the proceeds from the sale of, the shares of the Issuer's Class A Ordinary Shares covered by this statement that may be deemed to be beneficially owned by WAM.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Wolverine Asset Management, LLC

Signature:	/s/ Kenneth L. Nadel
Name/Title:	Kenneth L. Nadel, Chief Operating Officer
Date:	07/13/2026

Wolverine Holdings, LLC

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Manager
Date:	07/13/2026

Christopher L. Gust

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust
Date:	07/13/2026

Robert R. Bellick

Signature:	/s/ Robert R. Bellick
Name/Title:	Robert R. Bellick
Date:	07/13/2026