Shindo Dustin M 4

What Happened

• Dustin M. Shindo, reported as a 10% owner (manager of Mehana Management LLC, managing member of sponsor Mehana Ventures LLC), reported purchases on 2026-03-16. The filing shows acquisition of 160,000 Class A ordinary share equivalents and a corresponding 160,000 derivative rights through the issuer's sponsor.
• The 160,000 private units were purchased at $10.00 per unit for an aggregate purchase price of $1,600,000 (footnote F1). The derivative entry reflects the separate rights included in each private unit (see Key Details).

Key Details

• Transaction date: 2026-03-16; Form 4 filed: 2026-03-18 (appears timely; Form 4 is generally due within two business days).
• Transaction code: P (purchase). Price: $10.00 per private unit; total consideration: $1,600,000.
• Reported holdings: 160,000 private units held by Mehana Ventures LLC (each unit = 1 Class A share + 1 right). Dustin Shindo has voting and dispositive power over the sponsor’s shares but disclaims beneficial ownership except for any pecuniary interest (footnote F1).
• Derivative detail: each right converts automatically into one-fifth of one Class A ordinary share upon consummation of an initial business combination — 160,000 rights would convert into 32,000 Class A shares if/when that event occurs (footnote F2).
• This filing reflects sponsor ownership via Mehana Ventures LLC rather than a direct personal buy by Mr. Shindo.

Context

• This is a sponsor/private-unit purchase associated with the SPAC sponsor structure, not a typical open-market insider trade. The derivative entry simply records the conversion rights attached to the private units; those rights only convert into fractional shares upon a successful business combination.