Pono Capital Three today announced its shareholders voted in favor of the business combination with Horizon Aircraft.
Pono Capital said 11,476,685 shares were redeemed. That would be nearly 99% of the SPAC’s shares outstanding. The trustee of the SPAC’s trust account is calculating the final amount to be removed.
Pono and Horizon had waived the equity financing closing condition.
Pono Capital Three’s cash in trust was about $120 million as of August. The SPAC in December announced a $2 million PIPE to support its acquisition of Horizon, a hybrid electric Vertical TakeOff and Landing (“eVTOL”) aircraft developer.
The SPAC’s completion deadline is in February. Read more.
