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]
Horizon Aircraft Announces Exercise of Warrants, Providing an Additional $2.7 Million in Gross Proceeds