Mehana Capital LLC - Jan 12, 2024 Form 4 Insider Report for Pono Capital Three, Inc. (HOVR)

Role
Director
Signature
/s/ Mehana Capital LLC, by Nelson Mullins Riley & Scarborough LLP with Power of Attorney
Stock symbol
HOVR
Transactions as of
Jan 12, 2024
Transactions value $
$0
Form type
4
Date filed
1/17/2024, 08:47 PM
Previous filing
Feb 9, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction HOVR Class A Ordinary Share without par value Other +100K +1.82% 5.6M Jan 12, 2024 Direct F1, F2, F3, F4, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On January 12, 2024, pursuant to that certain Business Combination Agreement, dated as of August 12, 2022 (the "Business Combination Agreement"), entered into by and among Pono Capital Three, Inc. (the "Company"), Pono Three Merger Acquisitions Corp., a British Columbia company and wholly-owned subsidiary of the Company ("Merger Sub") and Robinson Aircraft Ltd., d/b/a Horizon Aircraft ("Horizon"), the Company continued and de-registered from the Cayman Islands and redomesticate as a British Columbia company (the "SPAC Continuance") and Merger Sub amalgamated (the "Amalgamation," together with the other transactions contemplated by the Business Combination Agreement, the "Business Combination") with Horizon (the resulting company, "Amalco"), with Amalco being the wholly-owned subsidiary of the Company. Upon completion of the Amalgamation, the Company changed its name to "New Horizon Aircraft Ltd."
F2 Reflects 5,500,997 Issuer Class A ordinary shares without par value received for Company ordinary shares held immediately prior to the closing of the Business Combination pursuant to the terms of the Business Combination Agreement.
F3 As previously disclosed, on January 3, 2024, the Company entered into a certain subscription agreement (the "Subscription Agreement") with a certain investor pursuant to which such investor agreed to purchase, immediately prior to the closing of the Business Combination, to purchase the Company's Class A ordinary shares (such shares, collectively, "Subscription Shares") in an aggregate value of $2,000,000, representing 200,000 Subscription Shares at a price of $10.00 per share.
F4 As an inducement to enter into the Subscription Agreement, and upon the consummation of the Business Combination, the reporting person received an aggregate of 100,000 incentive shares.
F5 Mehana Capital LLC is the record holder of the securities reported herein. Dustin Shindo is the control person of Mehana Capital LLC, and possesses all voting power and dispositive control. By virtue of this relationship, Dustin Shindo may be deemed to share beneficial ownership of the securities held of record by Mehana Capital LLC. Dustin Shindo disclaims any such beneficial ownership except to the extent of his respective pecuniary interest.