{"url_path":"/sec/pono/10-q/2026/item-1a","section_key":"item-1a","section_title":"Item 1A Risk Factors.","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/2108164/0001213900-26-056801-index.html","accession_number":"0001213900-26-056801","cik":"0002108164","ticker":"PONO","issuer_name":"Pono Capital Four, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2108164/0001213900-26-056801-index.html","primary_entity_key":"0002108164","primary_entity_name":"Pono Capital Four, Inc."},"word_count":629,"has_tables":true,"body_markdown":"Item 1A. Risk Factors.\n\n \n\nFactors that could cause our actual results to\ndiffer materially from those in this Quarterly Report are any of the risks described in our final prospectus for the Initial Public Offering\ndeclared effective by the SEC on March 12, 2026. Any of these factors could result in a significant or material adverse effect on our\nresults of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may\nalso impair our business or results of operations. As of the date of this Quarterly Report, other than as described below, there have\nbeen no material changes to the risk factors disclosed in our final prospectus of our Initial Public Offering filed with the SEC.\n\n** **\n\n*Our search for a Business Combination, and\nany target business with which we may ultimately consummate a Business Combination, may be materially adversely affected by current global\ngeopolitical conditions resulting from the ongoing Russia-Ukraine conflict, Israel-Hamas conflict and the recent escalation of the Israel-Iran\nconflict.*\n\n** **\n\nUnited States and global markets are experiencing\nvolatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict, Israel-Hamas conflict\nand the recent escalation of the Israel-Iran conflict, including the involvement of the United States. In response to the ongoing Russia-Ukraine\nconflict, the North Atlantic Treaty Organization (“NATO”) deployed additional military forces to eastern Europe, and the United\nStates, the United Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia,\nBelarus and related individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank\nFinancial Telecommunication (SWIFT) payment system. Certain countries, including the United States, have also provided and may continue\nto provide military aid or other assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of nations. The\ninvasion of Ukraine by Russia, the Israel-Hamas conflict and the recent escalation of the Israel-Iran conflict, and the resulting measures\nthat have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom, the European Union, Israel and\nits neighboring states and other countries have created global security concerns that could have a lasting impact on regional and global\neconomies. Although the length and impact of the ongoing conflicts are highly unpredictable, they could lead to market disruptions, including\nsignificant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions and increased cyber-attacks\nagainst U.S. companies. Additionally, any resulting sanctions could adversely affect the global economy and financial markets and lead\nto instability and lack of liquidity in capital markets.  \n\n \n\nAny of the abovementioned factors, or any other\nnegative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine,\nthe Israel-Hamas conflict and the escalation of the Iran-Israel conflict and subsequent sanctions or related actions, could adversely\naffect our search for a Business Combination and any target business with which we may ultimately consummate a Business Combination.\n\n \n\nThe extent and duration of the ongoing conflicts,\nresulting sanctions and any related market disruptions are impossible to predict, but could be substantial, particularly if current or\nnew sanctions continue for an extended period of time or if geopolitical tensions result in expanded military operations on a global scale.\nAny such disruptions may also have the effect of heightening many of the other risks described in the “Risk Factors” section\nof our final prospectus declared effective by the SEC on March 12, 2026. If these disruptions or other matters of global concern continue\nfor an extensive period of time, our ability to consummate a Business Combination, or the operations of a target business with which we\nmay ultimately consummate a Business Combination, may be materially adversely affected.\n\n \n\n24"}