Pono Capital Three, Inc. receives shareholder approval for acquisition of Horizon Aircraft

HONOLULU and TORONTO — Robinson Aircraft Ltd., doing business as Horizon Aircraft, a hybrid electric Vertical TakeOff and Landing (eVTOL) aircraft developer, and Pono Capital Three, Inc., a publicly-traded special purpose acquisition company, announced that Pono’s shareholders voted to approve the previously announced business combination between Pono and Horizon Aircraft, at the extraordinary general meeting of Pono’s shareholders held on January 4, 2024.

Voters representing over 81.1% of the issued and outstanding ordinary shares of Pono cast votes in favor of the proposal in connection with the business combination at the Special Meeting. In connection with the Special Meeting, shareholders holding an aggregate of 11,476,685, or 99%, of Pono Class A ordinary shares exercised their right to redeem their Pono Class A Shares. The trustee of the Trust Account is calculating the final amount of the funds to be removed from the Trust Account in connection with such redemptions, but the current preliminary calculations are that approximately $121.8 million (approximately $10.62 per Public Share) will be removed from the Trust Account to pay such holders.

Upon closing of the Business Combination, the post-closing company will be renamed “New Horizon Aircraft Ltd.” and will continue to do business as “Horizon Aircraft” with its common stock and warrants trading on The Nasdaq Stock Market, LLC under the ticker symbols “HOVR” and “HOVRW,” respectively.

Horizon Aircraft is an advanced aerospace engineering company that is developing a hybrid eVTOL that is to be able to fly most of its mission exactly like a normal aircraft.