New Horizon Aircraft Pricing Announcement
New Horizon Aircraft (NASDAQ: HOVR), a pioneering aerospace engineering firm known for developing hybrid eVTOL (electric Vertical Take-Off and Landing) aircraft, has revealed the pricing details for an underwritten public offering. This offering includes 2,800,000 Class A ordinary shares along with accompanying warrants. Moreover, it features pre-funded warrants that enable certain investors to acquire up to 3,000,000 additional Class A ordinary shares. Each Class A ordinary share, together with its corresponding warrant, is being offered at a combined price of $0.50. The total gross proceeds from this offering are anticipated to be around $2.9 million, assuming no warrants are exercised, and could reach up to $7.25 million if all warrants are fully exercised.
Details of the Offering
The offering is expected to close in the near future, pending standard conditions. EF Hutton LLC is serving as the sole book-running manager for this public offering, while Nelson Mullins Riley & Scarborough LLP and Sichenzia Ross Ference Carmel LLP are providing legal counsel.
Company Overview
Horizon Aircraft is dedicated to creating one of the first hybrid eVTOL aircraft capable of high-speed, long-range missions, functioning similarly to traditional aircraft. Their innovative designs emphasize safety and operational utility, with the goal of completing testing and certification for the Cavorite X7 eVTOL to enter the market for a variety of applications.
Future Outlook
The growth strategy of Horizon Aircraft goes beyond merely launching products; it also involves responding to the changing demands of the aerospace market. The company is focused on achieving operational excellence and fostering innovative design to maintain a competitive advantage in the aerospace sector.
Contact Information
For public relations inquiries, please reach out to Phil Anderson at +44 (0)7767 491 519 or via email.
Investor Relations
For questions related to investors, Shannon Devine and Rory Rumore from MZ Group can be contacted 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.
