New Horizon Aircraft Ltd. Announces Pricing of $25 Million Offering of Common Shares
Rhea-AI Summary
New Horizon Aircraft (NASDAQ:HOVR) entered a definitive agreement with institutional investors to sell 9,960,160 Class A Ordinary Shares (or equivalents), targeting approximately $25 million in gross proceeds. Closing is expected on or about May 27, 2026, subject to customary conditions.
According to Horizon Aircraft, net proceeds will be used to fully fund completion of the Cavorite X7 hybrid-electric VTOL prototype and advance it toward testing, certification and commercial production.
Positive
- Approximately $25 million in expected gross proceeds before expenses
- Financing led by largest existing U.S. institutional shareholders
- Proceeds earmarked to fully fund Cavorite X7 prototype completion
- Capital supports testing, certification and commercial production efforts
Negative
- Issuance of 9,960,160 new common shares or equivalents may dilute shareholders
- Offering closing remains subject to customary closing conditions
News Market Reaction – HOVR
In the May 26 session, HOVR declined 5.41%, reflecting a notable negative market reaction. Argus tracked a peak move of +4.0% during that session. Argus tracked a trough of -24.6% from its starting point during tracking. Our momentum scanner triggered 24 alerts that day, indicating elevated trading interest and price volatility. Trading volume was very high at 3.1x the daily average, suggesting heavy selling pressure.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Offering Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 11 | Offering closing | Positive | -6.3% | Closed $20M share offering to fund Cavorite X7 and corporate needs. |
| May 06 | Offering pricing | Positive | -21.7% | Priced 9,254,889 shares for roughly $20M gross proceeds. |
| Jan 08 | Warrant exercise | Positive | -8.1% | Exercise of 2.5M warrants adding about $2.7M in proceeds. |
| Aug 21 | Public offering close | Positive | -0.9% | Closed $2.9M public offering with additional warrant upside. |
| Aug 20 | Public offering pricing | Positive | +9.7% | Priced $2.9M offering with warrants to support eVTOL development. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Financing and offering news have often been followed by negative price reactions, with only one prior offering-tag event showing a positive move.
Over the past year, Horizon has repeatedly tapped equity markets, with offerings of $2.9M, $20M, and warrant exercises adding $2.7M. Historically, these funding events for the hybrid-electric Cavorite X7 program were often met with share price declines within 24 hours. Compared with those prior dilution-linked drops, today’s positive reaction to another equity raise stands out as atypical relative to the company’s recent financing history.
Key Terms
shelf registration statement regulatory
form s-3 regulatory
prospectus supplement regulatory
registration statement regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
The offering was led by the Company's largest existing U.S. institutional shareholders
TORONTO, ON / ACCESS Newswire / May 26, 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 9,960,160 Class A Ordinary Shares ("Common Shares") (or Common Share equivalents). The offering is expected to result in gross proceeds of approximately
"This financing reflects strong continued support from our existing institutional investors and further validates the strategic significance of Horizon Aircraft's next-generation aerospace platform," said Brandon Robinson, CEO of Horizon Aircraft. "We are now equipped to fully fund completion of our Cavorite X7 prototype and advance the program toward testing, certification, and commercial production, positioning Horizon Aircraft to advance its differentiated technologies and continue building a leading aerospace organization focused on disciplined execution and long-term value creation."
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 Group LLC, a division of American Capital Partners, LLC, 4 World Trade Center, 49th Floor, New York, NY 10007, by phone at (929) 833-1246 or by email at prospectus@titanpartnersgrp.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of 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 New Horizon Aircraft Ltd.
Horizon Aircraft (NASDAQ:HOVR) is an advanced aerospace company that is developing one of the world's first hybrid-electric VTOL (Vertical Take-Off and Landing) aircraft designed to fly most of its mission in traditional wing-borne flight, offering industry-leading speed, range, and operational utility. Horizon Aircraft's unique designs put the mission first and prioritize safety and performance. Upon successful completion of testing and certification of its full-scale aircraft, Horizon Aircraft intends to scale unit production to meet expected demand from regional aircraft operators, emergency service providers, and military customers.
For further information, visit:
Website www.horizonaircraft.com
LinkedIn https://www.linkedin.com/company/horizon-aircraft-inc
On behalf of New Horizon Aircraft Ltd.
Brandon Robinson
Co-Founder and CEO
For further information, contact:
Investors:
Kathryn Burns
ir@horizonaircraft.com
Media:
Edwina Frawley-Gangahar
EFG Media Relations
+44 7580 174672
edwina@efgmediarelations.com
Forward-looking Statements
This press release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "aim," "future," "opportunity," "plan," "may," "should," "will," "would," "target," "will be," "will continue," "will likely result" and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements herein include, but are not limited to, statements relating to the targeted readiness of the full-scale hybrid Cavorite X7 eVTOL demonstrator aircraft for initial testing, development priorities and technical milestones; the Cavorite X7's design specifications, anticipated operational parameters and projected performance, including assumptions regarding operating costs, fuel consumption, maintenance costs and utilization rates; funding and liquidity sufficiency and runway; certification and testing plans; and potential production, partnership, supply chain and market opportunities.
Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) changes in the markets in which Horizon Aircraft competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Horizon Aircraft will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) the lack of useful financial information for an accurate estimate of future capital expenditures and future revenue; (iv) statements regarding Horizon Aircraft's industry and market size; (v) financial condition and performance of Horizon Aircraft, including the condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Horizon Aircraft; (vi) Horizon Aircraft's ability to develop, certify, and manufacture an aircraft that meets its performance expectations; (vii) successful completion of testing and certification of Horizon Aircraft's Cavorite X7 eVTOL; (viii) the targeted future production of Horizon Aircraft's Cavorite X7 aircraft; and (ix) other factors detailed by us in the Company's public filings with the SEC and under the Company's profile on sedarplus.ca, including the disclosures under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, filed with the SEC and filed under the Company's profile on sedarplus.ca on August 22, 2025. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking statements, and while the Company may elect to update these forward-looking statements at some point in the future, it assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by applicable law. Horizon Aircraft does not give any assurance that Horizon Aircraft will achieve its expectations.
SOURCE: Horizon Aircraft
View the original press release on ACCESS Newswire