---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-085946"
form_type: "8-K"
ticker: "PONO"
cik: "0002108164"
company_name: "Pono Capital Four, Inc."
filed_at: "2026-08-06T13:24:21+00:00"
generated_at: "2026-08-06T13:25:05.759547+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-26-085946
- form_type: 8-K
- ticker: PONO
- cik: 0002108164
- company_name: Pono Capital Four, Inc.
- filed_at: 2026-08-06T13:24:21+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2108164/000121390026085946/0001213900-26-085946-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2108164/000121390026085946/ea0300839-8k_ponocapital.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-085946
- JSON: https://secwatch.observer/filing/0001213900-26-085946.json
- Plain text: https://secwatch.observer/filing/0001213900-26-085946.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.