On August 5, 2026, Pono Capital Four, Inc. entered into a Merger Agreement to acquire Blackstar Orbital Technologies Corporation in a transaction valued at a $380 million base purchase price. Under the deal, Blackstar shareholders will receive an aggregate number of Parent Common Shares calculated by dividing the base price by the redemption price, with approximately 25% placed in escrow for six years. Pono Capital Four will domesticate as a Delaware corporation and rename itself Blackstar Orbital Corporation. The merger requires shareholder approval from both entities and is expected to close before December 31, 2026. Blackstar Orbital Technologies Corporation operates in the aerospace industry, designing and commercializing reusable spacecraft and orbital transportation systems.

Pono Capital Four, Inc., a special purpose acquisition company, entered into a definitive Agreement and Plan of Merger with Blackstar Orbital Technologies Corporation on August 6, 2026. The transaction values Blackstar Orbital at $380 million and involves Blackstar Orbital merging with a Pono subsidiary to become a wholly owned subsidiary, after which Pono will change its name to Blackstar Orbital Corporation. Both boards unanimously approved the agreement, which is subject to shareholder approval and customary closing conditions, with an expected close in the first quarter of 2027. Blackstar Orbital develops reusable orbital spacecraft platforms for government and commercial customers.