Mehana Ventures LLC 4

What Happened Mehana Ventures LLC, identified as a 10% owner and the issuer's sponsor, purchased 160,000 private units of Pono Capital Four, Inc. on March 16, 2026. The Form 4 reports two related entries: one showing acquisition of 160,000 Class A ordinary shares and a second showing acquisition of 160,000 derivative rights. The private units were bought at $10.00 per unit for an aggregate purchase price of $1,600,000. This is a purchase (a bullish capital commitment) done via private placement as sponsor units rather than an open‑market trade.

Key Details

• Transaction date: 2026-03-16; Form 4 filed 2026-03-18 (no late filing indicated).
• Price: $10.00 per private unit; total = $1,600,000 (footnote F1).
• Reported holdings after transaction: 160,000 private units = 160,000 Class A shares + 160,000 rights.
• Derivative detail (footnote F2): each right converts automatically into one‑fifth (0.2) of one Class A share upon consummation of the issuer's initial business combination — 160,000 rights would convert into 32,000 Class A shares if that event occurs.
• Insider type: 10% owner / sponsor (institutional), not an executive; transaction codes: P = Purchase; second entry reports a derivative acquisition.

Context These are sponsor private-unit purchases common with blank-check or SPAC-like issuers — they differ from routine open‑market buys by executives. The reported rights are contingent instruments that only convert on a qualifying business combination, so the derivative entry represents potential future shares rather than immediately tradable stock. This filing is factual disclosure of ownership change and does not by itself indicate management’s expectations.