Robinson Aircraft (d/b/a Horizon Aircraft) and Pono Capital Three announced that the SEC has declared effective the S-4 outlining the parties’ proposed merger. The tartget is a hybrid electric Vertical TakeOff and Landing (“eVTOL”) aircraft developer.
Pono Capital Three called a Jan. 4 meeting for shareholders to vote on the deal, which was announced in August at a combined pro forma equity value of approximately $216 million.
The transaction values Horizon Aircraft at $96 million, assuming no redemptions. A forward purchase agreement with Meteora Capital will support the transaction, although a press release announcing the deal did not disclose the amount.
Cash proceeds after any redemptions and payment of transaction expenses are anticipated to be used for the further development of the Cavorite X7, Horizon Aircraft’s flagship hybrid electric eVTOL, and for general company operating purposes.
Pono Capital Three raised $100 million in a February IPO, and cash in trust stood at about $120 million as of August. The SPAC’s completion deadline is February 2024.
If the merger is approved, renamed New Horizon Aircraft Ltd. stock and warrants would trade on the Nasdaq under the ticker symbols HOVR and HOVRW. Read more.
