Pono Capital Three in an 8-K said it secured a $2 million PIPE to support its acquisition of Horizon Aircraft.
Horizon is a hybrid electric Vertical TakeOff and Landing (“eVTOL”) aircraft developer.
The SPAC’s shareholders are scheduled to vote on the deal today.
Horizon agreed to transfer 330,000 incentive shares to the PIPE subscriber and an additional 470,000 incentive shares to the subscriber’s designees.
Pono and Horizon also waived the equity financing closing condition.
The transaction values Horizon Aircraft at $96 million, assuming no redemptions. A forward purchase agreement with Meteora Capital will support the deal, although a press release announcing the FPA did not disclose the amount.
Pono Capital Three’s cash in trust stood at about $120 million as of August. The SPAC’s completion deadline is in February. Read more.
