Pono Capital Four, Inc. SEC Filings

Pono Capital Four, Inc. reports that Whitebox Advisors LLC and Whitebox General Partner LLC each beneficially own 5.7% of Class A Ordinary Shares, representing 700,000 shares each. This percentage is calculated using 12,205,000 Class A Ordinary Shares expected to be outstanding upon closing of the issuer's initial public offering 03/16/2026, as stated in the prospectus. The holdings are reported as held for the benefit of WA's clients, with shared voting and dispositive power over 700,000 shares each. The statement is signed and filed by an authorized Whitebox signatory on 03/23/2026.

Pono Capital Four, Inc. completed its initial public offering of 12,000,000 units at $10.00 per unit, raising $120,000,000. Each unit includes one Class A ordinary share and one right to receive one-fifth of a Class A share after a business combination.

At the same time, the sponsor Mehana Ventures LLC and an institutional investor bought 190,000 private units for $1,900,000. In total, $120,000,000, including up to $2,500,000 of deferred underwriting commissions, was placed in a trust account for the benefit of public shareholders.

The audited balance sheet as of March 16, 2026 shows total assets of $120,626,136, with $120,000,000 held in the trust and $619,425 in cash. All 12,000,000 Class A shares issued in the IPO are classified as redeemable at an initial value of $10.00 per share, consistent with the SPAC’s structure and 18‑month completion window for a business combination.

Pono Capital Four Schedule 13G shows Mehana Ventures LLC, Mehana Management LLC and Dustin Shindo jointly reporting beneficial ownership of 4,939,221 Ordinary Shares, representing 28.5% of the class based on 17,347,857 Ordinary Shares outstanding as of March 16, 2026. The reported position comprises 160,000 Class A Ordinary Shares and 4,779,221 Class B Ordinary Shares, with the Class B shares convertible one-for-one into Class A upon consummation of a business combination (or earlier at holder option), subject to the issuer’s governing documents. The 160,000 Class A shares were acquired as part of private placement units dated March 12, 2026. Mehana Management LLC is the Sponsor’s managing member and has voting and dispositive power over the shares held of record by the Sponsor. Dustin Shindo is identified as manager and disclaims beneficial ownership of the Sponsor’s shares except to the extent of his pecuniary interest.

Pono Capital Four, Inc. insider Mehana Ventures LLC, a 10% owner and the sponsor, reported buying 160,000 private units for $1,600,000, or $10 per unit. Each private unit consists of one Class A ordinary share and one right, giving Mehana Ventures 160,000 Class A shares and 160,000 rights. Each right automatically converts into one-fifth of one Class A ordinary share upon completion of the company’s initial business combination, representing an additional 32,000 Class A shares if a deal is consummated.

Pono Capital Four, Inc. reported insider-related purchases tied to its sponsor entity. An entity associated with CEO and Chairman Dustin M. Shindo, Mehana Ventures LLC, owns 160,000 private units, each consisting of one Class A ordinary share and one right. The Form 4 shows indirect purchases of 160,000 rights to receive Class A ordinary shares and 160,000 Class A ordinary shares on March 16, 2026, with 160,000 shares held indirectly after each transaction. Footnotes state the private units were originally purchased at $10 per unit for an aggregate $1,600,000. Each right automatically converts into one-fifth of one Class A ordinary share upon completion of the issuer’s initial business combination. Shindo, through Mehana Management LLC, has voting and dispositive power over the sponsor’s holdings but disclaims beneficial ownership beyond any pecuniary interest.

Pono Capital Four, Inc. is conducting an initial public offering of 12,000,000 units at $10.00 per unit for an aggregate public offering of $120,000,000, with a 45-day underwriter option to purchase up to 1,800,000 additional units. Each unit consists of one Class A ordinary share and one Share Right to receive one-fifth of a Class A ordinary share upon consummation of an initial business combination.

The offering includes a simultaneous private placement of 190,000 private placement units for $1,900,000 (including a 30,000-unit commitment by a Private Placement Investor). Proceeds of $120.0 million (or $138.0 million if the over-allotment is exercised) will be placed in a U.S.-based trust account. The sponsor, Mehana Ventures LLC, holds 5,914,286 Class B founder shares purchased for an aggregate $25,000, creating immediate dilution; founder shares convert to Class A on a one-for-one basis (subject to anti-dilution adjustments). The company has 18 months from closing to complete an initial business combination.

Pono Capital Four, Inc. director and CEO Dustin M. Shindo filed an initial ownership report showing indirect control over 5,550,650 Class B ordinary shares through the sponsor Mehana Ventures LLC. These Class B shares will automatically convert into Class A ordinary shares on a one-for-one basis upon the company’s initial business combination, and up to 771,429 of them may be forfeited if the over-allotment option for the IPO is not fully exercised. The sponsor originally purchased 7,392,857 Class B shares for $25,000, of which 1,468,571 were forfeited and 363,636 founder shares were transferred to institutional investors in a private placement closing simultaneously with the IPO. Shindo, as manager of the sponsor’s managing member, has voting and dispositive power over the sponsor’s shares but disclaims beneficial ownership except for any pecuniary interest.