secwatch.observer — SEC 8-K summary
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Issuer:     Pono Capital Four, Inc. (PONO)
CIK:        0002108164
Form:       8-K
Filed at:   2026-11-06T22:30:10+00:00
Accession:  0001493152-26-050548
Event type: m_and_a
Sentiment:  negative
Materiality: 0.65
Item codes: 1.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/2108164/000149315226050548/0001493152-26-050548-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/2108164/000149315226050548/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-050548

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