Pono Capital Four completes $120 million SPAC IPO on NASDAQ

Pono Capital Four, Inc. (NASDAQ: PONO) completed its initial public offering of 12 million units at $10.00 per unit, raising $120 million in gross proceeds. The special purpose acquisition company, incorporated in the Cayman Islands, began trading on March 16 under the ticker symbol "PONOU."

Each unit consists of one Class A ordinary share and one right to receive one-fifth of one Class A ordinary share upon completion of the company's initial business combination. The Class A ordinary shares and rights will trade separately under symbols "PONO" and "PONOR" respectively once separate trading begins.

The company plans to use proceeds from the offering and a simultaneous private placement to pursue a business combination. Pono Capital Four will focus primarily on target businesses in the disruptive technology sector, though it may consider opportunities in any sector.

D. Boral Capital LLC served as sole book-running manager for the offering. Loeb & Loeb LLP provided legal counsel to the company, while Winston & Strawn LLP represented the underwriters.

The company is led by Chief Executive Officer and Chairman Dustin Shindo. As a blank check company, Pono Capital Four was formed specifically to effect a merger, share exchange, asset acquisition or similar business combination with one or more businesses.

The Securities and Exchange Commission declared the registration statement for the securities effective. The information is based on a company press release.

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