Pono Capital Four amends merger agreement with Blackstar Orbital, reduces purchase price

Pono Capital Four, Inc. has amended its merger agreement with Blackstar Orbital Technologies Corporation, reducing the purchase price. The revised terms, disclosed in a Securities and Exchange Commission filing, see the base purchase price decrease from $380 million to $200 million. The number of parent shares that can be issued under the company's equity incentive plan has also been increased from 6,000,000 to 7,400,000 shares.

The definition of the merger completion deadline has been extended, now being June 30, 2027 instead of the original March 31, 2027 date. Pono Capital Four is a Cayman Islands-exempted corporation that plans to become a Delaware corporation before the merger's closing. The deal is contingent on shareholder approval and other customary conditions.