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.
EF Hutton LLC (“EF Hutton”) is acting as the
sole book running manager for the offering. Nelson Mullins Riley
& Scarborough LLP is acting as legal counsel to the Company,
Sichenzia Ross Ference Carmel LLP is acting as legal counsel to EF
Hutton.
The offering is being conducted pursuant to the
Company’s registration statement on Form S-1 (File No. 333-280086),
previously filed with the Securities and Exchange Commission
(“SEC”) and that was declared effective by the SEC on August 19,
2024. A final prospectus relating to the offering will be filed
with the SEC and will be available on the SEC’s website at
www.sec.gov. Electronic copies of the final prospectus relating to
this offering, when available, may be obtained from EF Hutton LLC
590 Madison Avenue, 39th Floor, New York, NY 10022, Attention:
Syndicate Department, or via email at syndicate@efhuttongroup.com
or telephone at (212) 404-7002.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Horizon Aircraft
Horizon Aircraft is an advanced aerospace
engineering company that is developing one of the world’s first
hybrid eVTOL that is to be able to fly most of its mission exactly
like a normal aircraft while offering industry-leading speed,
range, and operational utility. Horizon’s unique designs put the
mission first and prioritize safety, performance, and utility.
Horizon hopes to successfully complete testing and certification of
its Cavorite X7 eVTOL quickly and then enter the market and service
a broad spectrum of early use cases. Visit www.horizonaircraft.com
for more information.
Forward-Looking Statements
The information in this press release includes
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, but are not limited to, statements regarding
expectations, hopes, beliefs, intentions or strategies regarding
the future. In addition, any statements that refer to projections,
forecasts or other characterizations of future events or
circumstances, including any underlying assumptions, are
forward-looking statements. The words "anticipate," "believe,"
"contemplate," "continue," "could," "estimate," "expect,"
"forecast," "intends," "may," "will," "might," "plan," "possible,"
"potential," "predict," "project," "should," "would" and similar
expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. Forward-looking statements in this press release
may include, for example: the intended use of proceeds from the
offering; changes in Horizon’s strategy, future operations,
financial position, estimated revenues and losses, projected costs,
prospects and plans; Horizon’s ability to develop and launch its
products and services; and Horizon’s product development timeline
and estimated research and development costs. These forward-looking
statements are based on information available as of the date of
this press release, and current expectations, forecasts and
assumptions, and involve a number of judgments, risks and
uncertainties. Accordingly, forward-looking statements should not
be relied upon as representing views as of any subsequent date, and
no obligation is undertaken to update forward-looking statements to
reflect events or circumstances after the date they were made,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws. As a
result of a number of known and unknown risks and uncertainties,
actual results or performance may be materially different from
those expressed or implied by these forward-looking statements.
Some factors that could cause actual results to differ include:
changes in the markets in which Horizon competes, including with
respect to its competitive landscape, technology evolution or
regulatory changes; the risk that Horizon will need to raise
additional capital to execute its business plans, which may not be
available on acceptable terms or at all; financial condition and
performance of Horizon, including the anticipated benefits, the
implied enterprise value, the expected financial impacts of the
business combination, the financial condition, liquidity, results
of operations, the products, the expected future performance and
market opportunities of Horizon; Horizon’s ability to develop,
certify, and manufacture an aircraft that meets its performance
expectations; successful completion of testing and certification of
Horizon’s Cavorite X7 eVTOL; the targeted future production of
Horizon’s Cavorite X7 aircraft; ; and other risks and uncertainties
described in Horizon’s filings from time to time with the
Securities and Exchange Commission.
Contacts
Horizon Aircraft Inquiries (PR):Phil AndersonPhone: +44 (0)7767
491 519Phil@perceptiona.com
Investor Contacts:Shannon Devine and Rory
RumoreMZ GroupPhone: (203) 741-8841HorizonAircraft@mzgroup.us
New Horizon Aircraft (NASDAQ:HOVRW)
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