Core Insights - Horizon Aircraft has published research indicating a growing interest in small-cap and micro-cap stocks among fund managers, with expectations of increased allocations from both institutional and retail investors over the next year [1][2][5]. Group 1: Fund Manager Insights - A global study involving small and micro-cap fund managers with a total of $82.4 billion in assets under management found that 76% anticipate increased exposure to small and micro-caps from institutional investors in the next six to twelve months [2]. - Among fund managers, 34% believe that allocations to small and micro-caps could increase by 25% or more [2]. - 83% of fund manager respondents expect retail investors to increase their allocation to small and micro-caps, with 52% believing that this allocation could rise by more than 25% [3]. Group 2: Current Exposure Levels - One-third of fund managers describe the current exposure from institutional investors to small and micro-caps as underweight, with 21% indicating "slightly underweight" and 11% "extremely underweight" [4]. - The current level of exposure to small-caps is described as overweight by 4%, while for micro-caps, it is overweight by 23% [4]. - Retail investors are also seen as underweight in their allocations to small-caps and micro-caps, with 32% and 27% respectively, while 17% and 13% are considered overweight [4]. Group 3: Economic Context and Company Developments - The CEO of Horizon Aircraft noted that anticipated interest rate cuts and improving market conditions are likely to drive increased allocations to small and micro-cap stocks [5]. - Small and micro-cap companies are viewed as having higher growth potential compared to large-cap companies due to their smaller revenue bases and agility [6]. - Horizon Aircraft is developing the Cavorite X7, a hybrid eVTOL aircraft, which is expected to excel in various applications such as medical evacuation and disaster relief, with a gross weight of approximately 5,500 lbs and a maximum speed of 250 miles per hour [6][10].

New Horizon Aircraft (NASDAQ:HOVR) stock is falling on Wednesday after the aerospace original equipment manufacturer company's shares underwent a rally yesterday. The news that sent HOVR stock flying higher yesterday is its plans to attend the Farnborough International Airshow 2024. This is set to take place from July 22 to July 26 at the Farnborough International Exhibition & Conference Centre in Farnborough, England. Considering the rally of HOVR stock yesterday, it makes sense it would give up some of th ...

TORONTO, July 15, 2024 (GLOBE NEWSWIRE) -- New Horizon Aircraft Ltd. (NASDAQ: HOVR), doing business as Horizon Aircraft ("Horizon" or the "Company"), a leading hybrid electric Vertical TakeOff and Landing ("eVTOL") aircraft developer, announced today that it will attend the Farnborough International Airshow 2024 being held July 22-26, 2024 in Farnborough, England at the Farnborough International Exhibition & Conference Centre. The leading international aerospace and defense industry event features five days ...

TORONTO, July 15, 2024 (GLOBE NEWSWIRE) -- New Horizon Aircraft Ltd. (NASDAQ: HOVR), doing business as Horizon Aircraft ("Horizon" or the "Company"), a leading hybrid electric Vertical TakeOff and Landing ("eVTOL") aircraft developer, announced today that it will attend the Farnborough International Airshow 2024 being held July 22-26, 2024 in Farnborough, England at the Farnborough International Exhibition & Conference Centre. The leading international aerospace and defense industry event features five days ...

TORONTO, July 10, 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 Phil Kelly has been appointed as Senior Vice President Business Development. With twenty-five years' experience of flying military aircraft, includin ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact name of registrant as specified in its charter) British Columbia N/A 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 December 31, 2023 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. Indicate b ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 643 Ilalo St.., #102 Honolulu, Hawaii 96813 (Address of principal executive offices) (Zip Code) (808) 892-6611 (Registrant's telephone number, including area code) For the transition perio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-41607 PONO CAPITAL THREE, INC. (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdiction of (IRS Employer incorporation o ...

Part I. Financial Information [Item 1. Condensed Financial Statements](index=3&type=section&id=Item%201.%20Condensed%20Financial%20Statements) Unaudited condensed financial statements reflect the impact of the February 2023 IPO and interest income from the Trust Account [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) | Metric | March 31, 2023 (Unaudited) | December 31, 2022 | | :----------------------------------- | :--------------------------- | :------------------ | | Cash | $521,599 | $88,277 | | Total current assets | $779,626 | $89,649 | | Marketable Securities held in Trust Account | $118,491,047 | $0 | | Total Assets | $119,270,673 | $458,451 | | Total current liabilities | $129,032 | $442,138 | | Deferred underwriting fee payable | $3,450,000 | $0 | | Total Liabilities | $3,579,032 | $442,138 | | Class A ordinary shares subject to possible redemption | $118,404,683 | $0 | | Total Shareholders' Equity (Deficit) | $(2,713,042) | $16,313 | [Condensed Statements of Operations](index=5&type=section&id=Condensed%20Statements%20of%20Operations) | Metric | Three months ended March 31, 2023 | Period from March 11, 2022 (inception) Through March 31, 2022 | | :--------------------------------------- | :-------------------------------- | :---------------------------------------------------------------- | | Operating and formation costs | $130,269 | $338 | | Loss from operations | $(130,269) | $(338) | | Interest income on investments held in Trust Account | $629,683 | $0 | | Net income (loss) | $499,414 | $(338) | | Basic and diluted net income per share, Class A ordinary shares | $0.05 | $0 | [Condensed Statements of Changes in Stockholders' Equity (Deficit)](index=6&type=section&id=Condensed%20Statements%20of%20Changes%20in%20Stockholders'%20Equity%20(Deficit)) | Metric | Balance January 1, 2023 | Balance at March 31, 2023 | | :--------------------------------------- | :---------------------- | :------------------------ | | Total Shareholders' Equity (Deficit) | $16,313 | $(2,713,042) | | Issuance of Placement Units | N/A | $5,653,750 | | Accretion redemption value of Class A ordinary shares | N/A | $(12,201,276) | | Net income | N/A | $499,414 | [Condensed Statements of Cash Flows](index=7&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) | Metric | Three Months Ended March 31, 2023 | Period From March 11, 2022 (inception) Through March 31, 2022 | | :--------------------------------------- | :-------------------------------- | :---------------------------------------------------------------- | | Net income (loss) | $499,414 | $(338) | | Interest and dividend income on investments held in Trust Account | $(629,683) | $0 | | Net cash used in operating activities | $(314,255) | $0 | | Investment of cash in Trust Account | $(117,875,000) | $0 | | Net cash used in investing activities | $(117,875,000) | $0 | | Proceeds from sale of Placement Units | $5,653,750 | $0 | | Proceeds from sale of Units, net of underwriting discount paid | $113,735,000 | $0 | | Net cash provided by financing activities | $118,622,577 | $0 | | Net Change in Cash | $433,322 | $0 | | Cash - End of period | $521,599 | $0 | [Notes to Unaudited Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Financial%20Statements) [Note 1. Description of Organization, Business Operations and Going Concern](index=8&type=section&id=Note%201.%20Description%20of%20Organization,%20Business%20Operations%20and%20Going%20Concern) - Pono Capital Three, Inc. is a **blank check company (SPAC)** incorporated on March 11, 2022, for the purpose of a business combination[21](index=21&type=chunk) - The company consummated its Initial Public Offering (IPO) on February 14, 2023, generating gross proceeds of **$115,000,000** from **11,500,000 units**[23](index=23&type=chunk) - Following the IPO, **$117,875,000** was placed in a Trust Account, to be invested in U.S. government treasury obligations or money market funds[25](index=25&type=chunk) - The company has until **February 14, 2024** (or up to August 14, 2024, with extensions) to consummate a Business Combination[38](index=38&type=chunk) - Management has determined that the mandatory liquidation, should a Business Combination not occur, raises substantial doubt about the Company's ability to continue as a **going concern**[38](index=38&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=11&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) - The unaudited condensed financial statements are presented in conformity with **GAAP and SEC rules** for interim financial reporting[42](index=42&type=chunk) - The Company is an **"emerging growth company"** and has elected not to opt out of the extended transition period for complying with new or revised financial accounting standards[43](index=43&type=chunk)[46](index=46&type=chunk) - Investments held in the Trust Account, primarily U.S. Treasury securities, are classified as **trading securities** and presented at fair value[50](index=50&type=chunk) - Class A ordinary shares subject to possible redemption are classified as **temporary equity** and adjusted to their redemption value (**$10.25 per share**) at each reporting period[56](index=56&type=chunk) - Warrants are accounted for as **equity-classified instruments**, initially measured at fair value, with no subsequent changes in fair value recognized as long as they remain equity-classified[69](index=69&type=chunk)[100](index=100&type=chunk) [Note 3. Initial Public Offering](index=15&type=section&id=Note%203.%20Initial%20Public%20Offering) - The IPO was consummated on **February 14, 2023**, following the registration statement becoming effective on February 9, 2023[71](index=71&type=chunk) - **11,500,000 units** were issued, including the full exercise of the underwriter's over-allotment option, generating gross proceeds of **$115,000,000**[71](index=71&type=chunk) - Each unit consisted of one Class A ordinary share and one redeemable warrant[71](index=71&type=chunk) [Note 4. Private Placement](index=16&type=section&id=Note%204.%20Private%20Placement) - Simultaneously with the IPO, the Sponsor (Mehana Capital LLC) purchased **565,375 Placement Units** at **$10.00 per unit** in a private placement[73](index=73&type=chunk) - This private placement generated gross proceeds of **$5,653,750**, which were added to the net proceeds in the Trust Account[73](index=73&type=chunk) [Note 5. Related Party Transactions](index=16&type=section&id=Note%205.%20Related%20Party%20Transactions) - The Sponsor holds **4,935,622 Class B ordinary shares** (Founder Shares)[74](index=74&type=chunk) - A **$300,000 promissory note** from the Sponsor to cover IPO expenses was repaid on February 15, 2023[76](index=76&type=chunk) - The company pays Mehana Capital LLC (Sponsor) **$10,000 per month** for administrative support services[78](index=78&type=chunk) - The Sponsor or affiliates may provide up to **$1,500,000** in working capital loans for transaction costs, convertible into units[79](index=79&type=chunk) [Note 6. Commitments and Contingencies](index=17&type=section&id=Note%206.%20Commitments%20and%20Contingencies) - Holders of Founder Shares, Placement Units, and other securities are entitled to **registration rights**[80](index=80&type=chunk) - Underwriting fees include a **$1,265,000 cash discount paid** and **$3,450,000 in deferred underwriting commissions** payable upon completion of a Business Combination[84](index=84&type=chunk) - **103,500 Class A ordinary shares** (Representative Shares) were issued to underwriters, valued at **$132,480**, subject to lock-up and waiver of redemption rights[85](index=85&type=chunk)[87](index=87&type=chunk) - EF Hutton has a **right of first refusal** for future equity, convertible, and debt offerings for 12 months post-Business Combination[88](index=88&type=chunk) [Note 7. Shareholders' Equity (Deficit)](index=18&type=section&id=Note%207.%20Shareholders'%20Equity%20(Deficit)) - As of March 31, 2023, there were **12,168,875 Class A ordinary shares** issued and outstanding, including **11,500,000** subject to possible redemption[91](index=91&type=chunk) - As of March 31, 2023, there were **4,935,622 Class B ordinary shares** issued and outstanding[92](index=92&type=chunk) - As of March 31, 2023, there were **11,500,000 Public Warrants** and **565,375 Placement Warrants** outstanding, each exercisable for one Class A ordinary share at **$11.50**[93](index=93&type=chunk) - Public Warrants are callable for redemption at **$0.01** if the Class A ordinary share price equals or exceeds **$18.00** for 20 trading days within a 30-trading day period[95](index=95&type=chunk)[97](index=97&type=chunk) [Note 8. Fair Value Measurements](index=20&type=section&id=Note%208.%20Fair%20Value%20Measurements) | Description | Amount at Fair Value (March 31, 2023) | Level 1 | | :-------------------------------- | :------------------------------------ | :------ | | Investments held in Trust Account: U.S. Treasury Securities | $118,491,047 | $118,491,047 | [Note 9. Subsequent Events](index=20&type=section&id=Note%209.%20Subsequent%20Events) - The company did not identify any subsequent events requiring adjustment or disclosure up to the date the financial statements were issued[102](index=102&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Pono Capital Three, Inc.'s financial condition, IPO impact, and going concern risk as a blank check company [Overview](index=21&type=section&id=Overview) - Pono Capital Three, Inc. is a **blank check company** formed to enter into a business combination[105](index=105&type=chunk) - The company has not selected a business combination target and has not commenced operations or generated revenues to date[105](index=105&type=chunk)[106](index=106&type=chunk) [Results of Operations](index=21&type=section&id=Results%20of%20Operations) | Metric | Three months ended March 31, 2023 | Period from March 11, 2022 (inception) Through March 31, 2022 | | :--------------------------------------- | :-------------------------------- | :---------------------------------------------------------------- | | Net income (loss) | $499,414 | $(338) | | Unrealized gain on investments held in Trust Account | $629,683 | $0 | | Formation and operating costs | $130,269 | $338 | [Liquidity, Capital Resources and Going Concern](index=22&type=section&id=Liquidity,%20Capital%20Resources%20and%20Going%20Concern) | Metric | Three months ended March 31, 2023 | | :--------------------------------------- | :-------------------------------- | | Net cash used in operating activities | $(314,255) | | Net cash used in investing activities | $(117,875,000) | | Net cash provided by financing activities | $118,622,577 | - Following the IPO, **$117,875,000** from net proceeds was placed in a trust account[115](index=115&type=chunk) - Management has determined that the mandatory liquidation, should a Business Combination not occur by **February 14, 2024**, raises substantial doubt about the Company's ability to continue as a **going concern**[119](index=119&type=chunk) [Off-Balance Sheet Arrangements](index=23&type=section&id=Off-Balance%20Sheet%20Arrangements) - The company had **no off-balance sheet arrangements** as of March 31, 2023, and December 31, 2022[120](index=120&type=chunk) [Contractual Obligations](index=23&type=section&id=Contractual%20Obligations) - Holders of Founder Shares, Placement Units, and other securities are entitled to **registration rights**[121](index=121&type=chunk) - A **$300,000 promissory note** from the Sponsor was repaid on February 15, 2023[122](index=122&type=chunk) - Deferred underwriting commissions of **$3,450,000** are payable to underwriters upon completion of a Business Combination[125](index=125&type=chunk) [Critical Accounting Policies](index=24&type=section&id=Critical%20Accounting%20Policies) - Derivative financial instruments (warrants) are **equity-classified**, initially measured at fair value, with no subsequent fair value changes recognized[127](index=127&type=chunk) - Class A ordinary shares subject to possible redemption are classified as **temporary equity** and adjusted to redemption value[128](index=128&type=chunk) - Net income per share calculation does not consider the effect of warrants due to their exercise being contingent on future events[129](index=129&type=chunk) [Recent Accounting Standards](index=24&type=section&id=Recent%20Accounting%20Standards) - Management believes no recently issued, but not yet effective, accounting standards would have a material effect on the company's unaudited condensed financial statements[130](index=130&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces minimal market or interest rate risk due to Trust Account investments in short-term U.S. government securities - As of March 31, 2023, the company was not subject to any material market or interest rate risk[131](index=131&type=chunk) - Net proceeds in the Trust Account are invested in short-term U.S. government treasury bills or money market funds, limiting exposure to interest rate risk[131](index=131&type=chunk) [Item 4. Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) CEO and CFO concluded disclosure controls were effective as of March 31, 2023, with no material changes in internal control [Evaluation of Disclosure Controls and Procedures](index=25&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2023[133](index=133&type=chunk) [Changes in Internal Control Over Financial Reporting](index=25&type=section&id=Changes%20in%20Internal%20Control%20Over%20Financial%20Reporting) - There was **no material change** in internal control over financial reporting during the period from March 11, 2022 (inception) through December 31, 2022[134](index=134&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=26&type=section&id=Item%201.%20Legal%20Proceedings) No legal proceedings were reported as of the filing date - No legal proceedings were reported[136](index=136&type=chunk) [Item 1A. Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) Geopolitical conditions and regulatory changes pose risks to the company's business combination efforts - Geopolitical conditions, including the Russia-Ukraine conflict and related sanctions, may materially and adversely affect the company's search for a Business Combination and the operations of a target business[138](index=138&type=chunk)[139](index=139&type=chunk) - Changes in laws or regulations, such as proposed SEC rules relating to SPACs, may increase the costs and time needed to negotiate and complete an initial business combination[140](index=140&type=chunk)[141](index=141&type=chunk) [Item 2. Unregistered Sale of Equity Securities and Use of Proceeds](index=27&type=section&id=Item%202.%20Unregistered%20Sale%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details on unregistered Founder Share sales, IPO and private placement proceeds, and Trust Account deposits are provided - **4,935,622 Founder Shares** were issued to Mehana Capital LLC (Sponsor) in unregistered sales[142](index=142&type=chunk) - The Initial Public Offering on **February 14, 2023**, generated gross proceeds of **$115,000,000** from **11,500,000 units**[143](index=143&type=chunk) - A private placement concurrently with the IPO generated gross proceeds of **$5,653,750** from **565,375 units**[144](index=144&type=chunk) - A total of **$117,875,000** was deposited into a trust account for the benefit of public shareholders[145](index=145&type=chunk) [Item 3. Defaults Upon Senior Securities](index=28&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - No defaults upon senior securities were reported[148](index=148&type=chunk) [Item 4. Mine Safety Disclosures](index=28&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[149](index=149&type=chunk) [Item 5. Other Information](index=28&type=section&id=Item%205.%20Other%20Information) No other information was reported in this section - No other information was reported[150](index=150&type=chunk) [Item 6. Exhibits](index=28&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including officer certifications and Inline XBRL documents - Exhibits include certifications of Principal Executive Officer and Principal Financial Officer (31.1, 31.2, 32.1, 32.2) and various Inline XBRL documents (101.INS, 101.CAL, 101.SCH, 101.DEF, 101.LAB, 101.PRE, 104)[152](index=152&type=chunk)

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 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-41607 PONO CAPITAL THREE, INC. (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdiction of incorporation or organization) 643 Ilalo St. #102 Honolulu, Hawaii 96813 Tele ...