Pono Capital Four Downsized $120M IPO. Inflection Point IV + Merlin Deal Approved. Haymaker 4 + Concrete Partners Deal Vote Today.
SPAC IPO UPDATE
SPAC IPO Count
SPAC IPO: PONO CAPITAL FOUR, INC. (PONO)
Ticker: PONO (Units: PONOU)
Size: $120 Million
Sponsor: Mehana Capital LLC (Pono Capital)
Pono Capital Four, Inc. priced its $120 million initial public offering on March 12, 2026, and begins trading on the Nasdaq today. This marks the fourth blank-check vehicle from the Honolulu-based Mehana Capital team, led by Davin Kazama. The Pono franchise has maintained a consistent presence in the market, following the trajectory of its predecessors: Pono Capital Corp (merged with AERWINS), Pono Capital Two (merged with SBC Medical), and Pono Capital Three (currently searching). By returning to the well for a fourth time, the sponsor signals continued confidence in their ability to source and close middle-market deals despite a selective IPO environment.
Strategy: The SPAC is adopting a broad, “opportunistic” mandate but maintains a historical affinity for disruptive technologies and enterprise services. While the prospectus allows for a global search, the team typically looks for companies with enterprise values between $300 million and $600 million that can benefit from the sponsor’s operational expertise in the Japanese and U.S. markets.
Leadership Team:- Davin Kazama (CEO & Chairman): A seasoned venture capitalist and CEO of Mehana Capital. Kazama has successfully navigated the full SPAC lifecycle multiple times, establishing Pono as one of the more active repeat sponsors in the current cycle.
- Remington Ong (Director): A partner at Sapphire Ventures with deep roots in the cross-border technology ecosystem, providing the vehicle with significant reach into the Asian tech pipeline.
Structure: 12 million units at $10.00. Each unit consists of one Class A ordinary share and one right to receive one-tenth (1/10) of one Class A ordinary share upon the consummation of an initial business combination. Notably, the structure excludes warrants, utilizing rights to minimize potential cap table dilution and simplify the accounting process—a strategy increasingly favored by repeat sponsors seeking “cleaner” merger targets. EF Hutton LLC acted as the sole book-running manager.
| Date | Ticker | Issuer | IPO Size |
|---|---|---|---|
| Mar 13 | PONO | Pono Capital Four, Inc. | $120M |
| Mar 12 | MTAL | Metals Acquisition Corp. II | $200M |
| Mar 11 | SUMA | SUMA Acquisition Corp | $150M |
| Mar 04 | GLED | GALAXYEDGE ACQUISITION CORP | $100M |
| Mar 04 | KCAC | KENSINGTON CAPITAL ACQUISITION CORP VI | $200M $30M overallotment |
DAILY SPAC UPDATE
SPAC VOTE RESULTS
BACQ – INFLECTION POINT ACQUISITION CORP IV * Deal Approved with Merlin
MERGER VOTES
HYAC – Haymaker Acquisition Corp 4 + Concrete Partners, LLC
Suncrete is a pure-play ready-mix concrete company strategically positioned across Oklahoma and Arkansas with plans to expand throughout the rapidly growing and economically resilient U.S. Sunbelt region. Suncrete is a scalable and vertically integrated logistics and distribution platform operating as a mission-critical partner in the construction value chain. The Company operates batching plants, a dedicated fleet of owned mixer trucks and a tech-enabled dispatch infrastructure supporting a diversified customer base across public infrastructure, commercial and residential sectors.
EXTENSION VOTES
WINV – WINVEST ACQUISITION CORP * vote March 13, 2026 -> extend to September 17, 2026
SPAC DEALS ANNOUNCED
Mar 12 | QETA – Quetta Acquisition Corp + Smart Kreate Group
Smart Kreate Group is a premier cloud logistics technology conglomerate. Through its core subsidiaries—Smart Minds Holdings, and Times Express and H2N— SKG is building the digital backbone of global trade. Its AI-enabled infrastructure connects transportation data across the entire value chain, empowering enterprises with the visibility and intelligence required to navigate modern supply chain complexities.
Mar 09 | PLMK – Plum Acquisition Corp Iv + Controlled Thermal Resources Holdings Inc
CTR is advancing geothermal baseload energy, battery-grade lithium chemicals, and critical minerals production at its Hell’s Kitchen project in southern California. CTR’s leadership team has successfully developed and managed geothermal power plant operations in California’s Salton Sea region for 30+ years. CTR’s mission is to strengthen U.S. energy security and supply chain resilience by providing strategic resources essential to technology, manufacturing, and defense.
Mar 09 | ALIS – Calisa Acquisition Corp + Goodvision AI Inc
GoodVision AI, founded in 2019, is a global cloud-computing and AI-infrastructure solutions provider. GoodVision AI provides multi-cloud professional services, cloud redistribution services, AI computing services, and hybrid cloud-edge infrastructure solutions to customers worldwide.
OTHER SPAC NEWS
CAPN – CAYSON ACQUISITION CORP * Proxy for Vote to Change Extension Fee
FACT – FACT II ACQUISITION CORP * Investor Deck
CHAC – CRANE HARBOR ACQUISITION CORP * Media Transcript
RIBB – RIBBON ACQUISITION CORP * Vote Adjourned
SEPARATE WARRANTS/RIGHTS
Mar 16: ARCHIMEDES TECH SPAC PARTNERS III CO (ARCI)
Mar 13: X3 ACQUISITION CORP LTD (XCBE)
Mar 10: INFINITE EAGLE ACQUISITION CORP (IEAG)
Mar 09: FG IMPERII ACQUISITION CORP (FGII)
Mar 09: XFLH CAPITAL CORP (XFLH)
| Company | Ticker | Moves |
|---|---|---|
| ACTIVATE ENERGY ACQUISITION CORP | AEAQ |
|
SPAC MOVERS
| Company | Ticker | Change | Price | Stage |
|---|---|---|---|---|
| AIMEI HEALTH TECHNOLOGY CO LTD | AFJK | 7.9% | $ 26.76 | Announced |
| HORIZON SPACE ACQUISITION II CORP | HSPT | 5.8% | $ 8.99 | Announced |
| DT CLOUD STAR ACQUISITION CORP | DTSQ | 1.9% | $ 11.06 | Announced |
| QUETTA ACQUISITION CORP | QETA | 1.7% | $ 11.50 | Announced |
| WILLOW LANE ACQUISITION CORP | WLAC | 1.0% | $ 10.77 | Announced |
| Company | Ticker | Change | Price | Stage |
|---|---|---|---|---|
| VOYAGER ACQUISITION CORP | VACH | -9.8% | $ 11.00 | Announced |
| RISING DRAGON ACQUISITION CORP | RDAC | -9.7% | $ 5.28 | Announced |
| TRAILBLAZER MERGER CORP I | TBMC | -5.6% | $ 10.15 | Announced |
| CANTOR EQUITY PARTNERS II INC | CEPT | -1.7% | $ 11.02 | Announced |
| AMERICAN EXCEPTIONALISM ACQUISITION CORP A | AEXA | -1.0% | $ 11.13 | Pre-Deal |