Core Insights - Horizon Aircraft has signed a Letter of Intent with Discovery Air Chile Ltda. to lease five Cavorite X7 eVTOLs, with deliveries expected in 2028, marking a significant expansion into the South American market [1] - The Cavorite X7 is designed to provide a cost-effective alternative to traditional helicopters, boasting nearly double the speed and over 75% lower operating costs on a per-mile basis compared to conventional helicopters [1][2] Company Overview - Horizon Aircraft is an advanced aerospace engineering company focused on developing hybrid eVTOL aircraft that aim to perform missions similar to traditional aircraft while offering superior speed, range, and operational utility [2] - The company's unique designs prioritize safety, performance, and utility, positioning it as a leader in the emerging eVTOL market [2]

Company Overview - New Horizon Aircraft Ltd. (NASDAQ: HOVR), operating as Horizon Aircraft, is a leading developer of hybrid electric Vertical Take-Off and Landing (eVTOL) aircraft [1][2] - The company is focused on creating one of the world's first hybrid eVTOL aircraft designed to perform missions similar to traditional aircraft while offering superior speed, range, and operational utility [2] Recent Developments - Horizon Aircraft announced the exercise of 2.5 million warrants, generating approximately $2.7 million in gross proceeds [1] - This capital infusion follows a recent strategic investment of $8.4 million, totaling $11.1 million raised in the last 30 days [1][2] - The CEO, Brandon Robinson, emphasized the simplification of the capital structure and strengthening of the balance sheet to support the development of a full-scale, 7-person hybrid eVTOL aircraft [2] Market Position and Future Outlook - The company is encouraged by the increasing interest and support for practical and safe aircraft designs, indicating a positive outlook for 2025 [2] - Horizon Aircraft prioritizes safety, performance, and utility in its unique designs, positioning itself favorably in the aerospace engineering sector [2]

Core Insights - Horizon Aircraft has secured an investment of $8.4 million from a strategic investor to enhance its balance sheet and support the development of its hybrid eVTOL, the Cavorite X7 [1][4][7] Company Overview - Horizon Aircraft is developing one of the world's first hybrid electric Vertical TakeOff and Landing (eVTOL) aircraft, aiming to achieve industry-leading speed, range, and operational utility [2] - The company prioritizes safety, performance, and utility in its unique designs, with plans to complete testing and certification of the Cavorite X7 eVTOL swiftly [2] Investment Details - The investment includes $2.1 million for 4,166,667 Class A ordinary shares at $0.50 CAD per share and $6.3 million for 4,500 preferred shares, convertible to common shares at $0.63 CAD per share over five years [4] - The preferred shares will have a priority liquidation preference over the common shares [4] Future Development - The funding will support further development and flight testing of the Cavorite X7, ensuring the company is on solid footing for its initiatives [1][7] - The company aims to register the common shares with the U.S. Securities and Exchange Commission within 90 days [4]

Company Overview - Horizon Aircraft is a leading developer of hybrid electric Vertical Take-Off and Landing (eVTOL) aircraft, focusing on safety, performance, and utility in its designs [3] - The company aims to complete testing and certification of its Cavorite X7 eVTOL quickly to enter the market and serve a broad spectrum of early use cases [3] Upcoming Events - Horizon Aircraft's CEO Brandon Robinson and COO Jason O'Neill will participate in the 13th Annual Roth Technology Conference on November 19-20, 2024, in New York City [1] - The management team will conduct one-on-one and small group meetings on November 20 [1]

. . Horizon Aircraft to Participate in the LD Micro Main Event XVII Investor Conference October 16, 2024 4:15 PM EDT | Source: LD Micro Toronto, Ontario--(Newsfile Corp. - October 16, 2024) - New Horizon Aircraft Ltd. (NASDAQ: HOVR), doing business as Horizon Aircraft ("Horizon Aircraft" or the "Company"), a leading hybrid electric Vertical TakeOff and Landing ("eVTOL") aircraft developer, announced today that it will participate in the LD Micro Main Event XVII Investor Conference, being held on October 28- ...

TORONTO, Oct. 09, 2024 (GLOBE NEWSWIRE) -- New Horizon Aircraft Ltd. (NASDAQ: HOVR), doing business as Horizon Aircraft ("Horizon Aircraft" or the "Company"), a leading hybrid electric Vertical TakeOff and Landing ("eVTOL") aircraft developer, announced today that it will attend the Japan International Aerospace Exhibition 2024 ("JA2024") being held October 16 to 19, 2024 in Tokyo, Japan at the Tokyo Big Site. Horizon Aircraft's management team will present the Company's hybrid eVTOL, the Cavorite X7, in th ...

TORONTO, Aug. 21, 2024 (GLOBE NEWSWIRE) -- New Horizon Aircraft (NASDAQ: HOVR), today closed its previously announced underwritten public offering of (i) 2,800,000 of its Class A ordinary shares, no par value per share, and accompanying warrants to purchase up to 2,800,000 of its Class A ordinary shares, and (ii) to certain investors, pre-funded warrants to purchase up to an aggregate of 3,000,000 Class A ordinary shares and accompanying warrants to purchase up to an aggregate of 3,000,000 Class A ordinary ...

TORONTO, Aug. 21, 2024 (GLOBE NEWSWIRE) -- New Horizon Aircraft (NASDAQ: HOVR), doing business as Horizon Aircraft ("Horizon Aircraft" or the "Company"), an advanced aerospace engineering company and developer of the world's first eVTOL (electric Vertical Take-Off and Landing) that can fly most of its mission exactly like a normal aircraft, today announces that Tom Brassington has been appointed as Chief Technology Officer. Tom is the latest in a series of new hires as Horizon Aircraft continues to bolster ...

TORONTO, Aug. 20, 2024 (GLOBE NEWSWIRE) -- New Horizon Aircraft (NASDAQ: HOVR), doing business as Horizon Aircraft ("Horizon Aircraft" or the "Company"), an advanced aerospace engineering company and developer of hybrid eVTOL (electric Vertical Take-Off and Landing) aircraft, today announced the pricing of an underwritten public offering of (i) 2,800,000 of its Class A ordinary shares, no par value per share, and accompanying warrants to purchase up to 2,800,000 of its Class A ordinary shares, and (ii) to c ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended May 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41607 NEW HORIZON AIRCRAFT LTD. (Exact name of registrant as specified in its charter) | --- | |-------| | | | | | | | | | | | | | | | | | ...