Robinson Aircraft Ltd., dba Horizon Aircraft and Pono Capital Three today announced the completion of their business combination. The SPAC’s shareholders approved the deal earlier this month.
Horizon is a hybrid electric Vertical TakeOff and Landing (“eVTOL”) aircraft developer.
Renamed New Horizon Aircraft shares and warrants will trade on the Nasdaq starting Jan. 16 under the ticker symbols HOVR and HOVRW.
Though redemptions hit nearly 99%, Pono and Horizon had waived the equity financing closing condition and the SPAC had a $2 million PIPE to support the deal.
Nelson Mullins Riley & Scarborough is U.S. legal counsel and Fang and Associates is Canadian legal counsel to Pono. Dorsey & Whitney is U.S. legal counsel and Gowling WLG is Canadian legal counsel to Horizon Aircraft. EF Hutton LLC is the capital markets advisor in the transaction. Roth Capital Partners is capital markets advisor to Horizon Aircraft. Read more.
