Pono Capital Three (PTHR) Shareholders Approve Horizon Aircraft Deal

Pono Capital Three (NASDAQ:PTHR) announced this morning that its shareholders approved its combination with eVTOL aircraft developer Horizon Aircraft during a special meeting held on January 4.

In connection with the meeting, shareholders holding an aggregate of 11,476,685, or 99.8%, of Pono’s ordinary shares opted to redeem their shares for a pro-rata portion of the funds in the trust.

While the trustee is still calculating the final amount of the funds to be removed from the trust, the current preliminary calculations are that approximately $121.9 million will be removed. Following such redemptions, PTHR has just 23,315 shares left, representing the seventh-fewest shares remaining among de-SPACs post a completion vote.

Prior to the meeting, the SPAC secured a subscription agreement of $2 million from an unnamed investor to secure extra funds to support its deal with Horizon Aircraft. However, the completion of this subscription agreement depends on the completion of the combination.

The parties expect to complete the transaction as soon as possible following the satisfaction or waiver of the remaining closing conditions, including the condition that the ordinary shares will be approved for listing on Nasdaq. Following the closing of the combination, the ordinary shares are expected to begin trading on the Nasdaq under the symbol “HOVR”.

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.

All other proposals presented on yesterday’s ballot were also approved.