Pono Capital Four filed a Form 10-Q on May 14, 2026 for the quarter ended March 31, 2026, covering the period from January 2, 2026 inception. The registrant is a Cayman blank-check company sponsored by Mehana Ventures LLC and remains a shell with no operating business. IPO closed March 16, 2026: 12,000,000 public units at $10.00 for $120,000,000 gross. Each unit is one Class A ordinary share plus one right to receive one-fifth of one Class A share on business combination. Simultaneous private placement of 190,000 units at $10.00 raised $1,900,000 from the sponsor and one institutional investor. Transaction costs totaled about $3.95mm including $2.5mm deferred underwriting. Trust held $120,175,323 in cash and marketable securities at March 31, 2026, or roughly $10.01 per the 12,000,000 redeemable Class A shares. Outside cash was $484,421; working capital $423,139. A $100,000 business-combination promissory note to the sponsor was issued May 6, 2026; up to $1.5mm working-capital loans remain available. Over-allotment shares were forfeited May 5, leaving 5,142,857 Class B outstanding. As of the May 14 filing date, Class A outstanding totaled 12,205,000. Completion window is 18 months from IPO close. No letter of intent, definitive agreement, S-4, proxy, or target is disclosed. Liquidation path if no deal: redeem public shares from trust (less taxes and up to $100,000 dissolution interest) within the window. Rights convert only on a completed combination; they add no cash and dilute on close. Cash/redemption value sits in trust at ~$10.01; close-path (Pulse) is unchanged and still pre-DA. The filing does not name any counterparty, deal terms, extension, redemption election, or vote timeline. Going-concern language states liquidity is adequate for at least one year from issuance; no assurance is given that a combination will be completed.

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