Pono Capital Four is a blank check SPAC incorporated in the Cayman Islands in January 2026. It has no operations or revenue. Its sole purpose is to raise capital through an IPO and use the proceeds to acquire a private company, taking that company public through a merger or similar business combination. Pono Capital Four is offering 15,000,000 units at $10.00 per unit, raising $150M gross (up to $172.5M if the underwriters' over-allotment is exercised). Until a deal closes, IPO proceeds are held in trust and invested in U.S. Treasuries. If no deal closes within 18 months, the trust is liquidated and public shareholders receive approximately $10.00 per share. The SPAC is managed by Dustin Shindo, who also ran three prior Pono Capital SPACs, through sponsor entity Mehana Ventures. The sponsor acquired founder shares for roughly $0.003 per share, which convert to Class A shares at deal close — creating a strong incentive to complete a transaction rather than liquidate. Pono Capital Four targets disruptive technology companies across sectors including enterprise software, AI, drone technology, biomedical technology, cloud streaming, and online retail, with no stated geographic limitation. Management highlights cross-border deal experience between Asia and the U.S. as a differentiator. Public shareholders' primary protection is redemption rights, allowing them to receive approximately $10.00 per share regardless of how they vote on any proposed deal.