Pono Capital Four (NASDAQ: PONO) is a blank-check special purpose acquisition company incorporated on January 2, 2026, that was formed to identify and complete a merger, share exchange, asset acquisition, or similar business combination with one or more target businesses. The company raised proceeds through an Initial Public Offering that closed on March 16, 2026, placing the net proceeds into a trust account. As of March 31, 2026, the trust account held $120,175,323 in cash and marketable securities, invested in U.S. government treasury bills, notes, or bonds with maturities of 185 days or less, or in money market funds invested solely in U.S. treasuries. Outside the trust, the company held $484,421 in cash as of March 31, 2026, intended for target identification, due diligence, and related pre-combination expenses. PONO generates no operating revenue. Its only income through the period from inception through March 31, 2026, was $175,323 earned on trust-account holdings. The company has not yet identified or entered into an agreement with a business combination target.

Revenue model

No operating revenue. Income is limited to interest earned on trust-account holdings. For the period from January 2, 2026 (inception) through March 31, 2026, trust account income was $175,323. All substantive proceeds are reserved for a future business combination.

Products and services

Blank-check SPAC vehicle. IPO closed March 16, 2026, with $120,175,323 held in trust as of March 31, 2026. Trust funds are invested in U.S. government treasury bills, notes, or bonds (maturities of 185 days or less) or qualifying money market funds. A 2.0% upfront underwriting discount ($2,400,000) and a deferred underwriting fee (7% of remaining trust funds after redemptions plus $600,000, capped at $2,500,000) are associated with the IPO.

Customers and end markets

No customers or commercial end markets as of March 31, 2026. The company's counterparties are its sponsor, underwriters, and prospective business combination targets, which have not been identified.

Value-chain role

SPAC sponsor vehicle. Raises public capital through an IPO, holds proceeds in trust, and deploys capital to acquire an operating business. The sponsor received Class B ordinary shares at inception.

Geographic exposure

Incorporated and operating in the United States. Trust assets invested in U.S. government securities. No disclosed geographic focus for target acquisition as of March 31, 2026.

Source: SEC 10-Q, filed 2026-05-14

Industry: Blank Checks