Business
New Horizon Aircraft Ltd. Announces Pricing of $20 Million Offering of Common Shares
TORONTO, ON / ACCESS Newswire / May 6, 2026 / New Horizon Aircraft Ltd. ("Horizon Aircraft" or the "Company") (NASDAQ:HOVR), an advanced aerospace company
About this update from New Horizon Aircraft Ltd.
[{"type":"text","content":"TORONTO, ON / ACCESS Newswire / May 6, 2026 / New Horizon Aircraft Ltd. (\"Horizon Aircraft\" or the \"Company\") (NASDAQ:HOVR), an advanced aerospace company developing one of the first hybrid-electric Vertical Takeoff and Landing (VTOL) aircraft, today announced that it has entered into a definitive agreement with certain institutional investors for the purchase and sale of an aggregate of 9,254,889 Class A Ordinary Shares (\"Common Shares\"). The offering is expected to result in gross proceeds of approximately $20 million, before deducting offering expenses. The closing of the offering is expected to occur on or about May 8, 2026, subject to the satisfaction of customary closing conditions. Horizon Aircraft intends to use the net proceeds from the offering to fund and accelerate development and buildout of the Cavorite X7 aircraft program, as well as for working capital and general corporate purposes.\"This financing reflects strong recognition of the strategic importance of Horizon Aircraft's cutting-edge aerospace development,\" said Brandon Robinson, CEO of Horizon Aircraft. \"We are now equipped to enhance our ability to develop world-class innovative technologies, accelerate our commercialization timeline, and attract and retain elite talent. This funding is a significant milestone as we have expanded our institutional shareholder base, demonstrating commitment and confidence in our team's ability to execute.\"Titan Partners, a division of American Capital Partners, is acting as the sole placement agent for the offering.The offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-285000) initially filed with the Securities and Exchange Commission (\"SEC\") on February 14, 2025, and declared effective by the SEC on March 25, 2025 (the \"Registration Statement\"). The Common Shares (or Common Share equivalents) are being offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective Registration Statement. A prospectus supplement and accompanying prospectus relating to, and describing the terms of, the offering will be filed with the SEC and will be available for free on the SEC's website at www.sec.gov. Electronic copies of the prospectus supplement and accompanying prospectus may also be obtained, when available, by contacting Titan Partners G...