Pono Capital Three, Inc., a special purpose acquisition company, has announced the execution of a definitive Business Combination Agreement with Robinson Aircraft Ltd., a British Columbia company doing business as Horizon Aircraft.
Pursuant to the Business Combination Agreement, it is intended that the Target Company will amalgamate with Pono Three Merger Sub, Inc., a wholly owned subsidiary of Pono, with the resulting combined company continuing as a wholly owned subsidiary of Pono.
Stockholders of the Target Company will receive shares of common stock of Pono.
In connection with the Business Combination, it is expected that Pono will redomesticate as a British Columbia company and change its name to “Horizon Aircraft Ltd.” or such other name as may be determined by the Target Company.
Pono and Horizon Aircraft believe that, if consummated, the Business Combination will promote the expansion of Horizon Aircraft’s business to better position Horizon Aircraft as a global leader in eVTOL aircraft technology.
“Our unique hybrid electric VTOL concept is based on patented ducted fan-in-wing technology that allows our aircraft to fly faster, farther, and carry more payload than many of our competitors,” said Brandon Robinson, CEO of Horizon Aircraft.
“We designed the X7 with safety, durability, and operational versatility in mind. The combination of high performance, a tough design, and positive economics has resonated with potential customers.
“We have received significant interest for its use in a broad number of mission specific tasks such as emergency medical services, aerial firefighting, disaster relief, and various military special operations.”
“Horizon Aircraft’s hybrid electric eVTOL flies 98% of its mission exactly like a normal aircraft and can recharge itself during flight or after its mission,” said Davin Kazama, CEO of Pono.
“In addition to obvious performance and safety benefits, this should also simplify the certification process.
“Ultimately this aircraft will help to redefine the way people and goods are moved at the regional scale, and we are excited to be part of building a better future with Horizon Aircraft.”