Pono Capital Four to acquire Blackstar Orbital Technologies for $380M

Pono Capital Four, Inc.

Merger Agreement signed Aug 5, 2026: Pono Capital Four to acquire Blackstar Orbital Technologies for $380M base purchase price.
Consideration in Parent Common Shares; ~25% escrowed for six years for indemnification claims.
PONO to domesticate from Cayman to Delaware and rename Blackstar Orbital Corporation.
Closing conditions include PONO/Blackstar shareholder approval, S-4 effectiveness, Nasdaq listing, HSR clearance.
Termination dates: Dec 31, 2026 (PONO) and Mar 31, 2027 (Blackstar) if closing not completed.

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