Horizon Aircraft Completes Business Combination with Pono Capital Three, Inc. to Become a Publicly Traded Company
13 January 2024 - 4:47AM
Robinson Aircraft Ltd., doing business as Horizon Aircraft
(“Horizon Aircraft” or the “Company”), a hybrid electric Vertical
TakeOff and Landing (“eVTOL”) aircraft developer, and Pono Capital
Three, Inc. (“Pono”), a special purpose acquisition company, today
announced the completion of the previously announced business
combination. Beginning Tuesday, January 16, 2024, the combined
company will operate as New Horizon Aircraft, Ltd. (“Horizon
Aircraft”) and the common shares and warrants will trade on the
Nasdaq Stock Exchange under the ticker symbols “HOVR” and “HOVRW”,
respectively.
Brandon Robinson, Founder, Chief Executive
Officer and Chairman of the Board of Horizon Aircraft, and the
current management team including Jason O’Neill, Chief Operating
Officer, Brian Robinson, Chief Engineer, and Brian Merker, Chief
Financial Officer, will continue to lead Horizon Aircraft.
Brandon Robinson, Chief Executive Officer of
Horizon Aircraft, commented, “I am proud and honored by Horizon
Aircraft’s achievement of this significant milestone as we embark
on our journey as a publicly traded company. This evolution will
serve as a catalyst to accelerate our growth by providing the
resources to continue the development and testing of our practical,
real world use hybrid eVTOL, the Cavorite X7. We are thankful for
the Pono team’s continued collaboration, support, and conviction
throughout the transaction process.”
Davin Kazama, CEO of Pono, added, “The Pono team
is excited to have successfully completed this business combination
with Horizon Aircraft. We are eager to see Brandon and the Horizon
Aircraft team successfully execute their long-term operational and
strategic objectives, building value for shareholders and
stakeholders alike as they continue to develop a differentiated
aircraft that will become dominant in the advanced air mobility
space.”
About Horizon Aircraft
Horizon Aircraft is an advanced aerospace
engineering company that is developing one of the world’s first
hybrid eVTOL that is to be able to fly most of its mission exactly
like a normal aircraft while offering industry-leading speed,
range, and operational utility. Horizon’s unique designs put the
mission first and prioritize safety, performance, and utility.
Horizon hopes to successfully complete testing and certification of
its Cavorite X7 eVTOL quickly and then enter the market and service
a broad spectrum of early use cases. Visit www.horizonaircraft.com
for more information.
About Pono Capital Three,
Inc.
Pono is a special purpose acquisition company
whose business purpose is to effect a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses or
entities. Pono’s units started trading on the Nasdaq Global Market
on February 14, 2023, under the ticker symbol “PTHRU.” The Class A
common stock trades under the symbol “PTHR” and the warrants under
the symbol “PTHRW,” respectively.
Advisors
Nelson Mullins Riley & Scarborough LLP is
serving as U.S. legal counsel and Fang and Associates is serving as
Canadian legal counsel to Pono in the transaction. Dorsey &
Whitney LLP is serving as U.S. legal counsel and Gowling WLG
(Canada) LLP is serving as Canadian legal counsel to Horizon
Aircraft in the transaction. EF Hutton LLC is serving as the
Capital Markets Advisor in the transaction. Roth Capital Partners
is acting as Capital Markets Advisor to Horizon Aircraft.
Forward-Looking Statements
The information in this press release contains
certain “forward-looking statements” within the meaning of the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995 with respect to the proposed Business
Combination. These forward-looking statements generally are
identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “aim,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result” and similar expressions, but
the absence of these words does not mean that a statement is not
forward-looking. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Actual results may differ from
their expectations, estimates and projections and consequently, you
should not rely on these forward-looking statements as predictions
of future events. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to: (i) changes in the markets
in which Horizon competes, including with respect to its
competitive landscape, technology evolution or regulatory changes;
(ii) the risk that Horizon will need to raise additional capital to
execute its business plans, which may not be available on
acceptable terms or at all; (iii) the ability of the parties to
recognize the benefits of the business combination agreement and
the Business Combination; (iv) the lack of useful financial
information for an accurate estimate of future capital expenditures
and future revenue; (v) statements regarding Horizon’s industry and
market size; (vi) financial condition and performance of Horizon
and Pono, including the anticipated benefits, the implied
enterprise value, the expected financial impacts of the Business
Combination, the financial condition, liquidity, results of
operations, the products, the expected future performance and
market opportunities of Horizon; (vii) Horizon’s ability to
develop, certify, and manufacture an aircraft that meets its
performance expectations; (viii) successful completion of testing
and certification of Horizon’s Cavorite X7 eVTOL; (ix) the targeted
future production of Horizon’s Cavorite X7 aircraft; and (x) those
factors discussed in Pono’s filings with the SEC and that are
contained in the Proxy Statement relating to the Business
Combination. You should carefully consider the foregoing factors
and the other risks and uncertainties that will be described in the
“Risk Factors” section of the Proxy Statement and other documents
to be filed by New Horizon from time to time with the SEC. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and while Horizon and Pono may elect to update these
forward-looking statements at some point in the future, they assume
no obligation to update or revise these forward-looking statements,
whether as a result of new information, future events or otherwise,
unless required by applicable law. Neither Horizon nor Pono gives
any assurance that Horizon and Pono will achieve their respective
expectations.
Contacts
Horizon Aircraft Inquiries (PR):Phil AndersonPhone: +44 (0)7767
491 519Phil@perceptiona.com
Investor Contacts:Shannon Devine and Rory Rumore
MZ GroupPhone: (203) 741-8841HorizonAircraft@mzgroup.us
Pono Capital Three, Inc.Davin KazamaInquiries (PR):Phone: (808)
892-6611Davin@PonoCorp.com
Pono Capital Three (NASDAQ:PTHRU)
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