Pono Capital Four to merge with Blackstar Orbital at $380M valuation

Pono Capital Four, Inc.

Definitive merger agreement values Blackstar Orbital at $380 million; expected close in Q1 2027.
Blackstar develops SpaceDrone reusable orbital spacecraft for government and commercial customers.
Blackstar has $1.9M in U.S. government R&D funding and over $120M in signed commercial LOIs.
Pono will change name to Blackstar Orbital Corporation; Blackstar survives as wholly owned subsidiary.
Transaction subject to Pono shareholder and Blackstar stockholder approvals and customary conditions.

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