X0202 SCHEDULE 13G 0001257391 XXXXXXXX LIVE Class A Ordinary Shares, par value $0.0001 per share 03/16/2026 0002108164 Pono Capital Four, Inc. G71702107 Suite 210, 2nd Floor Windward III Regatta Office Park, PO Box 500 Grand Cayman E9 KY-1106 Rule 13d-1(c) WHITEBOX ADVISORS LLC b DE 0 700000 0 700000 700000 N 5.7 IA WHITEBOX GENERAL PARTNER LLC b DE 0 700000 0 700000 700000 N 5.7 OO Pono Capital Four, Inc. Suite 210, 2nd Floor Windward III, Regatta Office Park, PO Box 500, Grand Cayman, Cayman Islands, KY-1106 This statement is filed by: (i) Whitebox Advisors LLC, a Delaware limited liability company ("WA"); and (ii) Whitebox General Partner LLC, a Delaware limited liability company ("WGP" and, together with WA, the "Reporting Persons"). The address of the business office of WA and WGP is: 3033 Excelsior Boulevard Suite 500 Minneapolis, MN 55416 WA and WGP are organized under the laws of the State of Delaware. Y As of the date hereof, each of WA and WGP is deemed to be the beneficial owner of 700,000 Class A Ordinary Shares, as a result of WA's clients' ownership of 700,000 Class A Ordinary Shares. As of the date hereof, each of WA and WGP is deemed to beneficially own approximately 5.7% of the Class A Ordinary Shares outstanding. Percent of class is calculated based on 12,205,000 Class A Ordinary Shares expected to be outstanding upon the closing of the Issuer's initial public offering on March 16, 2026, as reported in the Issuer's prospectus on Form 424B4 filed on March 13, 2026. WA and WGP: 0 WA and WGP: 700,000 WA and WGP: 0 WA and WGP: 700,000 Y N WA's clients are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Class A Ordinary Shares covered by this Statement that may be deemed to be beneficially owned by the Reporting Persons. Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Exhibit A - Joint Filing Agreement, dated March 23, 2026, by and among the Reporting Persons WHITEBOX ADVISORS LLC /s/ Gina Scianni 03/23/2026 WHITEBOX GENERAL PARTNER LLC /s/ Gina Scianni 03/23/2026