New Horizon AircraftNASDAQ: HOVR

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 28-30, 2024 at the Luxe Sunset Boulevard Hotel in Los Angeles, CA.

Tom Brassington joins from Lilium, bringing significant eVTOL industry experience Tom Brassington joins from Lilium, bringing significant eVTOL industry experience

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 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 shares. Each Class A ordinary share and accompanying warrant are being sold together at a combined public offering price of $0.50, and each pre-funded warrant and accompanying warrant are being sold together at a combined public offering price of $0.50. Each Warrant will have an exercise price $0.75 per share, be exercisable immediately upon issuance and expire five years from the date of issuance. Each pre-funded warrant will have an exercise price of $0.00001 per share and will be exercisable immediately after the original issue date until the pre-funded warrant is exercised in full. The gross proceeds to Horizon Aircraft from the offering, before deducting the underwriting discounts and other offering expenses, are expected to be approximately $2.9 million, assuming no exercise of warrants, and up to approximately $7.25 million, assuming the warrants are exercised in full for cash. The offering is expected to close on August 21, 2024, subject to customary closing conditions.

New Horizon Aircraft (NASDAQ: HOVR ) stock is falling on Wednesday after the aerospace original equipment manufacturer company's shares underwent a rally yesterday. That saw shares of HOVR stock close out normal trading hours on Tuesday up 32.2%.