New Horizon Aircraft Stock Price, News & Analysis

Horizon Aircraft (NASDAQ: HOVR) has secured an $8.4 million strategic investment to support its hybrid electric Vertical TakeOff and Landing (eVTOL) aircraft development. The investment includes $2.1 million in Class A ordinary shares (4,166,667 shares at $0.50 CAD) and $6.3 million in preferred shares (4,500 shares convertible at $0.63 CAD per share over 5 years). The funding will strengthen the company's balance sheet, ensure operational stability, and support the development and flight testing of its Cavorite X7 aircraft. The preferred shares come with priority liquidation preference, and the common shares must be registered with the SEC within 90 days.

Horizon Aircraft (NASDAQ: HOVR), an eVTOL aircraft developer, has announced the mutual termination of its Forward Purchase Agreement with Meteora Capital Partners. The termination will result in an estimated gain of $20-25 million for Horizon in Q2 ending November 30, 2024. As part of the agreement, Horizon will pay Meteora a $200,000 termination fee and issue 200,000 shares of common stock if the Company files a resale registration statement within 24 months. This termination eliminates SPAC-related financial obligations and simplifies the company's capital structure.

Horizon Aircraft (NASDAQ: HOVR), a pioneer in hybrid eVTOL aircraft development, has announced its participation in the 13th Annual Roth Technology Conference. The event will take place at the Hard Rock Hotel in New York City from November 19-20, 2024. CEO Brandon Robinson and COO Jason O'Neill will conduct one-on-one and small group meetings on November 20. Interested parties can schedule meetings through their Roth representative or by contacting Horizon Aircraft's investor relations.

New Horizon Aircraft (NASDAQ: HOVR), operating as Horizon Aircraft, has announced its participation in the Japan International Aerospace Exhibition 2024 (JA2024) from October 16 to 19, 2024, in Tokyo, Japan. The company will showcase its hybrid electric Vertical TakeOff and Landing (eVTOL) aircraft, the Cavorite X7, in the Canadian Pavilion at the Tokyo Big Site's West Exhibition Hall.

Horizon Aircraft's management team will be present to discuss the operational benefits of their unique aircraft design, highlighting its sustainability and cost-efficiency advancements aimed at transforming regional and critical transportation solutions. Investors interested in meeting with the management team can contact Horizon Aircraft's Investor Relations.

JA2024 is Japan's largest general aerospace exhibition, featuring exhibits from major international companies, government agencies, embassy officials, and other industry constituents across various aerospace-related industries.

New Horizon Aircraft (NASDAQ: HOVR), an eVTOL aircraft developer, has announced significant progress in its aircraft development program. The company's large-scale prototype is approaching full transition speed, with full transition expected by year-end. Key highlights include:

1. Ongoing development of full-scale propulsion units and HOVR Wing technology
2. Positive outcomes from cooling system and power tests
3. Advancement of digital twin technology for efficient testing
4. The Cavorite X7 aircraft design, featuring:
- Patented HOVR wing technology
- Hybrid power system
- Maximum speed of 250 mph
- Range over 500 miles with fuel reserves

Horizon Aircraft aims to disrupt the regional air travel market with its unique approach to eVTOL design, focusing on safety, efficiency, and versatility.

New Horizon Aircraft (NASDAQ: HOVR), an advanced aerospace engineering company, has commissioned a study indicating a potential strong return of investors to small and micro-cap companies with unique and sustainable technologies. The global study, involving fund managers with $82.4 billion in assets under management, found that 76% of respondents anticipate increased exposure to small and micro-caps over the next 6-12 months.

Horizon Aircraft is developing the Cavorite X7, an electric Vertical Take-Off and Landing (eVTOL) aircraft with patented HOVR wing technology. This hybrid eVTOL is designed to fly 98% of its mission like a normal aircraft, offering superior range, speed, and payload in its class. With an estimated maximum speed of 250 mph and a range over 500 miles, the Cavorite X7 could potentially disrupt the regional air travel market, excelling in medical evacuation, critical supply delivery, and special military missions.

New Horizon Aircraft (NASDAQ: HOVR) has closed its previously announced underwritten public offering, raising approximately $2.9 million in gross proceeds. The offering included 2,800,000 Class A ordinary shares with accompanying warrants, and pre-funded warrants to purchase up to 3,000,000 Class A ordinary shares with accompanying warrants. Each share or pre-funded warrant was sold at $0.50, with warrants exercisable at $0.75 per share for five years. If all warrants are exercised, the total gross proceeds could reach $7.25 million. EF Hutton acted as the sole book-running manager for the offering, which was conducted pursuant to the company's registration statement on Form S-1.

Horizon Aircraft (NASDAQ: HOVR) has appointed Tom Brassington as Chief Technology Officer, effective late October 2024. Brassington, with 17 years of aerospace systems engineering experience, joins from Lilium where he was Head of System Design Engineering. His expertise in eVTOL development and certification is expected to enhance Horizon's engineering capabilities as they progress with the Cavorite X7, a seven-seat hybrid electric eVTOL.

The Cavorite X7, designed for medevac, business aviation, and commercial cargo sectors, boasts an estimated 5,500 lbs gross weight, 1,500 lbs useful load, 250 mph max speed, and over 500 miles range. Its hybrid electric power system allows for in-flight battery recharging, potentially enabling it to fly 98% of its mission like a traditional aircraft, which Horizon believes will enhance safety and ease certification.

New Horizon Aircraft (NASDAQ: HOVR) has announced the pricing of a $2.9 million public offering. The offering includes 2,800,000 Class A ordinary shares with accompanying warrants, and pre-funded warrants for up to 3,000,000 Class A ordinary shares with accompanying warrants. Each share or pre-funded warrant is priced at $0.50, with warrants exercisable at $0.75 per share. The gross proceeds could reach $7.25 million if all warrants are exercised. EF Hutton is the sole book-running manager, and the offering is expected to close on August 21, 2024. This capital raise aims to support Horizon Aircraft's development of hybrid eVTOL aircraft technology.