Aug. 22, 2023
WASHINGTON — On Aug. 15, Pono Capital Three, Inc. (“Pono”) announced the signing of a definitive agreement to combine with Robinson Aircraft Ltd. d/b/a Horizon Aircraft (“Horizon”). A team of Nelson Mullins Riley & Scarborough LLP attorneys are representing Pono, a special purpose acquisition company, as their United States legal counsel throughout the deal.
The Nelson Mullins deal team consists of Andy Tucker, Peter Strand, Kaylen Loflin, and Kathryn Simons, with assistance from Wells Hall (Tax). The combined company will be called Horizon Aircraft Ltd., with a combined gross pro forma equity value of about $216 million, assuming no redemptions by Pono shareholders.
Horizon, an aerospace engineering company based in British Columbia, created the first hybrid electric vertical take-off and landing aircraft (eVTOL) that can fly most of its mission similar to a normal aircraft, but can recharge itself in-flight or after the mission. Their technology has already received global recognition, funding from the U.S. Department of Defense, and multiple Canadian grants.
Read the official press release here.
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