Pono Capital Four, Inc. SEC Filings

Pono Capital Four Inc reports that Decagon Asset Management LLP and Benjamin John Durham have jointly filed an amended Schedule 13G indicating beneficial ownership of 743,610 Class A ordinary shares of Pono Capital Four Inc, representing 6.09% of that class.

The filing states that both Decagon Asset Management LLP and Benjamin John Durham have shared power to vote these 743,610 shares, with no sole voting power and no sole or shared dispositive power over the shares.

Pono Capital Four, Inc., a Cayman Islands SPAC, reported net income of $1,022,689 for the quarter ended June 30, 2026, driven by $1,063,723 of income on cash and marketable securities held in its $121,239,046 Trust Account, offset by $144,034 of formation, general and administrative expenses.

Total assets were $121,738,278, including $335,344 of cash outside the Trust Account and 12,000,000 Class A ordinary shares classified as redeemable at approximately $10.10 per share. The company disclosed substantial doubt about its ability to continue as a going concern without completing a Business Combination within its 18‑month completion window and noted access to up to $1,500,000 of Working Capital Loans. On August 5, 2026, it entered into a Merger Agreement with Blackstar Orbital Technologies Corporation, an aerospace technology company.

Pono Capital Four, Inc., a Nasdaq-listed special purpose acquisition company, has executed a definitive Agreement and Plan of Merger with Blackstar Orbital Technologies Corporation, valuing Blackstar Orbital at $380 million. Blackstar Orbital will merge with a Pono subsidiary and become a wholly owned subsidiary, with its stockholders receiving Pono common stock.

After closing, the subsidiary is expected to retain the Blackstar Orbital Technologies Corporation name and Pono plans to be renamed Blackstar Orbital Corporation. Closing is subject to shareholder approvals and customary conditions and is currently expected in the first quarter of 2027. Blackstar Orbital is developing its reusable SpaceDrone spacecraft platform and has received approximately $1.9 million in U.S. government R&D funding and secured over $120 million in signed commercial LOIs from prospective customers.

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.

Pono Capital Four, Inc. filed its quarterly report for the period from January 2, 2026 (inception) through March 31, 2026, covering its first months as a SPAC. The company completed its IPO on March 16, 2026, selling 12,000,000 units at $10.00 each and placing $120,000,000 into a trust account, which grew to $120,175,323 with interest by March 31.

Outside the trust, cash totaled $484,421 with working capital of $423,139. The company reported net income of $42,061, driven by $175,323 of interest on trust investments and a $32,000 gain on the over-allotment option, partially offset by $165,262 of formation, general and administrative expenses. Class A public shares subject to possible redemption were carried at a redemption value of approximately $10.01 per share.

Pono has 18 months from the IPO closing to complete a business combination, and management believes existing liquidity, plus access to up to $1,500,000 of potential working capital loans and a $100,000 business combination promissory note, is sufficient for at least one year from the financial statement issuance date.

Pono Capital Four, Inc. — Glazer Capital and Paul J. Glazer report beneficial ownership of 1,000,000 Class A ordinary shares (8.33%) as of 03/31/2026. The statement filed on 05/14/2026 discloses that Glazer Capital and Mr. Glazer share voting and dispositive power over those shares.

Pono Capital Four Inc ownership disclosure: Decagon Asset Management LLP and Benjamin John Durham report shared beneficial ownership of 661,496 Class A ordinary shares, representing 5.43% of the class as of 03/31/2026. The filing states shared voting and shared dispositive power over those shares.

The filing is a Schedule 13G reporting passive/institutional ownership with signatures dated 05/07/2026.

Pono Capital Four, Inc. entered into a new financing arrangement with its sponsor, Mehana Capital LLC. As of May 6, 2026, the company issued an unsecured promissory note allowing it to borrow up to $100,000 to cover costs reasonably related to its initial business combination. The note bears no interest and becomes fully payable upon completion of the company’s first business combination. If no business combination is completed, repayment will be made only from funds available outside the company’s IPO trust account, limiting recourse to those external funds.

Pono Capital Four, Inc. announced that starting on May 5, 2026, holders of its units may elect to separately trade the Class A ordinary shares and share rights contained in each unit. Each unit consists of one Class A ordinary share with $0.0001 par value and one right to receive one-fifth of one share at the closing of the company’s initial business combination.

Units will continue trading on Nasdaq under the symbol PONOU, while separated Class A shares will trade under PONO and share rights under PONOR. Holders must have their brokers contact Continental Stock Transfer & Trust Company, the transfer agent, to separate units. The company is a SPAC focused on disruptive technology targets.