New Horizon Aircraft - HOVR STOCK NEWS

Horizon Aircraft (NASDAQ: HOVR) has appointed John Wyzykowski, former Head of Propulsion at Lilium, as Technical Expert to support the development of its Cavorite X7 hybrid-electric eVTOL aircraft. The appointment strengthens the company's engineering team with expertise in propulsion system design and optimization.

The Cavorite X7 is designed with an estimated gross weight of 5,500 lbs and a projected useful load of 1,500 lbs. The aircraft aims to achieve a maximum speed of 250 miles per hour and a range exceeding 500 miles with fuel reserves. It features a hybrid electric power system that can recharge its batteries during flight and in under 30 minutes post-landing.

The aircraft is being developed for applications including medical evacuation, critical supply delivery, disaster relief, military missions, and Regional Air Mobility. Notably, it's designed to fly 98% of its mission like a traditional aircraft, which the company believes will enhance safety and ease certification processes.

Horizon Aircraft (NASDAQ: HOVR), a hybrid electric Vertical Take-Off and Landing (eVTOL) aircraft developer, has received confirmation from Nasdaq's Listing Qualifications Department that it has regained compliance with Listing Rule 5550(b) by meeting the Equity Standard requirements. This ensures the company's continued listing on the Nasdaq Capital Market.

Additionally, regarding the Bid Price Rule (Rule 5550(a)(2)), Nasdaq has granted Horizon Aircraft an extended period of 180 calendar days until July 14, 2025, to achieve compliance.

Horizon Aircraft (NASDAQ: HOVR) has signed a Letter of Intent with Discovery Air Chile Ltda. to lease five Cavorite X7 hybrid eVTOL aircraft with planned delivery in 2028. The agreement marks Horizon's expansion into the South American market, particularly targeting Chilean regional air services.

The Cavorite X7 offers significant advantages over traditional helicopters, including twice the speed and up to 75% lower operating costs on a per-mile basis. The aircraft features a 30% lower per-hour operating cost compared to helicopters, positioning it as a cost-effective solution for passenger transport, patient transfers, and time-sensitive cargo delivery in Chile.

Horizon Aircraft (NASDAQ: HOVR) has announced the exercise of 2.5 million warrants, generating approximately $2.7 million in gross proceeds. This capital infusion follows a recent $8.4 million strategic investment, bringing the total capital raised in the last 30 days to $11.1 million.

The company, which develops hybrid electric Vertical Take-Off and Landing (eVTOL) aircraft, plans to use the strengthened balance sheet to support the development of their full-scale, 7-person hybrid eVTOL aircraft. CEO Brandon Robinson noted increasing interest and support for their practical and safe aircraft designs.

Horizon Aircraft (NASDAQ: HOVR) has secured an $8.4 million strategic investment to support its hybrid electric Vertical TakeOff and Landing (eVTOL) aircraft development. The investment includes $2.1 million in Class A ordinary shares (4,166,667 shares at $0.50 CAD) and $6.3 million in preferred shares (4,500 shares convertible at $0.63 CAD per share over 5 years). The funding will strengthen the company's balance sheet, ensure operational stability, and support the development and flight testing of its Cavorite X7 aircraft. The preferred shares come with priority liquidation preference, and the common shares must be registered with the SEC within 90 days.

Horizon Aircraft (NASDAQ: HOVR), an eVTOL aircraft developer, has announced the mutual termination of its Forward Purchase Agreement with Meteora Capital Partners. The termination will result in an estimated gain of $20-25 million for Horizon in Q2 ending November 30, 2024. As part of the agreement, Horizon will pay Meteora a $200,000 termination fee and issue 200,000 shares of common stock if the Company files a resale registration statement within 24 months. This termination eliminates SPAC-related financial obligations and simplifies the company's capital structure.

Horizon Aircraft (NASDAQ: HOVR), a pioneer in hybrid eVTOL aircraft development, has announced its participation in the 13th Annual Roth Technology Conference. The event will take place at the Hard Rock Hotel in New York City from November 19-20, 2024. CEO Brandon Robinson and COO Jason O'Neill will conduct one-on-one and small group meetings on November 20. Interested parties can schedule meetings through their Roth representative or by contacting Horizon Aircraft's investor relations.

Horizon Aircraft (NASDAQ: HOVR), a leading hybrid electric Vertical TakeOff and Landing (eVTOL) aircraft developer, has announced its participation in the LD Micro Main Event XVII Investor Conference. The event is scheduled for October 28-30, 2024, at the Luxe Sunset Boulevard Hotel in Los Angeles, CA.

Brandon Robinson, CEO of Horizon Aircraft, will be hosting one-on-one investor meetings and is set to present on Wednesday, October 30, 2024, at 9:00am PT/12:00pm ET. A webcast of the presentation will be available for replay on Horizon Aircraft's investor relations website following the event.

Interested parties can schedule one-on-one meetings with management by contacting Horizon Aircraft's investor relations at HorizonAircraft@mzgroup.us. For more information about the conference, visit the official event website.

New Horizon Aircraft (NASDAQ: HOVR), operating as Horizon Aircraft, has announced its participation in the Japan International Aerospace Exhibition 2024 (JA2024) from October 16 to 19, 2024, in Tokyo, Japan. The company will showcase its hybrid electric Vertical TakeOff and Landing (eVTOL) aircraft, the Cavorite X7, in the Canadian Pavilion at the Tokyo Big Site's West Exhibition Hall.

Horizon Aircraft's management team will be present to discuss the operational benefits of their unique aircraft design, highlighting its sustainability and cost-efficiency advancements aimed at transforming regional and critical transportation solutions. Investors interested in meeting with the management team can contact Horizon Aircraft's Investor Relations.

JA2024 is Japan's largest general aerospace exhibition, featuring exhibits from major international companies, government agencies, embassy officials, and other industry constituents across various aerospace-related industries.