Horizon Aircraft to list publicly via SPAC Pono Capital Three
Canadian VTOL manufacturer, Horizon Aircraft is to list publicly on Nasdaq via Hawaiian special purpose acquisition company, Pono Capital Three.
Pono announced a definitive business combination agreement today with Robinson Aircraft, the British Columbian company operating as Horizon Aircraft. As per the agreement, Horizon will integrate with Pono subsidiary ‘Pono Three Merger Sub’ with the combined firms then continuing as a wholly-owned Pono subsidiary. That means stockholders will receive shares of common stock of Pono.
Brandon Robinson, CEO Horizon Aircraft, said: “Our unique hybrid electric VTOL concept is based on patented ducted fan-in-wing technology. 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.”
The transaction values Horizon Aircraft at $96m, which is expected to result in a combined pro forma equity value of approximately $216m. All cash raised, after any redemptions and payment of transaction expenses, is expected to be used for further development of Horizon’s Cavorite X7.
Davin Kazama, CEO of Pono, said: “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. 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.”
It is currently expected that the transaction will close in the fourth quarter of 2023 or the first quarter of 2024.
