Robinson Aircraft Ltd., doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”), a hybrid electric Vertical TakeOff and Landing (“eVTOL”) aircraft developer, and Pono Capital Three, Inc. (“Pono”), a special purpose acquisition company, today announced the completion of the previously announced business combination. Beginning Tuesday, January 16, 2024, the combined company will operate as New Horizon Aircraft, Ltd. (“Horizon Aircraft”) and the common shares and warrants will trade on the Nasdaq Stock Exchange under the ticker symbols “HOVR” and “HOVRW”, respectively.

Brandon Robinson, Founder, Chief Executive Officer and Chairman of the Board of Horizon Aircraft, and the current management team including Jason O’Neill, Chief Operating Officer, Brian Robinson, Chief Engineer, and Brian Merker, Chief Financial Officer, will continue to lead Horizon Aircraft.

Brandon Robinson, Chief Executive Officer of Horizon Aircraft, commented, “I am proud and honored by Horizon Aircraft’s achievement of this significant milestone as we embark on our journey as a publicly traded company. This evolution will serve as a catalyst to accelerate our growth by providing the resources to continue the development and testing of our practical, real world use hybrid eVTOL, the Cavorite X7. We are thankful for the Pono team’s continued collaboration, support, and conviction throughout the transaction process.”

Davin Kazama, CEO of Pono, added, “The Pono team is excited to have successfully completed this business combination with Horizon Aircraft. We are eager to see Brandon and the Horizon Aircraft team successfully execute their long-term operational and strategic objectives, building value for shareholders and stakeholders alike as they continue to develop a differentiated aircraft that will become dominant in the advanced air mobility space.