---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-26-050548"
form_type: "8-K"
ticker: "PONO"
cik: "0002108164"
company_name: "Pono Capital Four, Inc."
filed_at: "2026-11-06T22:30:10+00:00"
generated_at: "2026-11-06T22:32:03.623544+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Pono Capital Four cuts Blackstar Orbital merger base purchase price to $200M from $380M

## Summary
- First Amendment to Aug 5, 2026 Merger Agreement reduces Base Purchase Price from $380,000,000 to $200,000,000, lowering Parent Shares in the Aggregate Merger Consideration.
- Amended price is expressly not adjustable for debt, net debt, debt-like items, prepayment penalties, accrued liabilities or unpaid Company transaction expenses.
- Equity Plan Reserve at Closing raised to 7,400,000 Parent Shares from 6,000,000, with conforming changes to Sections 3.1(f) and 3.7(a)(vii)(D).
- Company Outside Closing Date extended to June 30, 2027 from March 31, 2027; all other Merger Agreement terms remain in full force.
- Amendment signed Nov 5, 2026 by Pono CEO Dustin Shindo and Blackstar Orbital CEO Christopher Jannette; combined company expected to list on Nasdaq.

## SEC filing metadata
- accession: 0001493152-26-050548
- form_type: 8-K
- ticker: PONO
- cik: 0002108164
- company_name: Pono Capital Four, Inc.
- filed_at: 2026-11-06T22:30:10+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2108164/000149315226050548/0001493152-26-050548-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2108164/000149315226050548/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-26-050548
- JSON: https://secwatch.observer/filing/0001493152-26-050548.json
- Plain text: https://secwatch.observer/filing/0001493152-26-050548.txt

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