New Horizon Aircraft Launches $2.9 Million Offering
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New Horizon Aircraft Pricing Announcement
New Horizon Aircraft (NASDAQ: HOVR), an advanced aerospace engineering company and developer of hybrid eVTOL (electric Vertical Take-Off and Landing) aircraft, has announced the pricing of an underwritten public offering of 2,800,000 Class A ordinary shares and accompanying warrants. Additionally, the offering includes pre-funded warrants that allow certain investors to purchase up to 3,000,000 Class A ordinary shares. Each Class A ordinary share and accompanying warrant are being sold at a combined public offering price of $0.50. The gross proceeds from this offering are expected to be approximately $2.9 million, assuming no exercise of warrants, and potentially up to $7.25 million if the warrants are fully exercised.
Details of the Offering
The offering is expected to close soon, subject to customary conditions. EF Hutton LLC is the sole book-running manager for this public offering, while Nelson Mullins Riley & Scarborough LLP and Sichenzia Ross Ference Carmel LLP serve as legal counsels.
Company Overview
Horizon Aircraft focuses on developing one of the world’s first hybrid eVTOL aircraft capable of high-speed, long-range missions in a manner similar to conventional aircraft. The innovative designs prioritize safety and operational utility, aiming to complete testing and certification of its Cavorite X7 eVTOL and enter the market for various applications.
Future Outlook
Horizon Aircraft's growth strategy involves not just launching its products but also addressing the evolving needs of the aerospace market. The company is committed to operational excellence and innovative design to maintain a competitive edge in the aerospace industry.
Contact Information
For inquiries related to public relations, contact Phil Anderson, who can be reached at +44 (0)7767 491 519 or via email.
Investor Relations
For investor-related inquiries, Shannon Devine and Rory Rumore from MZ Group are available at (203) 741-8841.
Frequently Asked Questions
What is the total expected gross proceeds from the offering?
The gross proceeds are expected to be approximately $2.9 million, potentially up to $7.25 million if all warrants are exercised.
Who is managing the public offering?
EF Hutton LLC is acting as the sole book-running manager for the offering.
What is Horizon Aircraft developing?
Horizon Aircraft is developing hybrid eVTOL aircraft aimed at increasing speed, range, and operational utility in aviation.
What is the aim of Horizon’s Cavorite X7 eVTOL?
The aim is to complete testing and certification quickly to enter the market and support various early-use cases.
How can inquiries be made?
Inquiries can be directed to Phil Anderson for PR matters or to the MZ Group for investor relations.
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