New Horizon Aircraft names Tom Hearne audit chair
New Horizon Aircraft adds experienced finance and technology executive Tom Hearne to its Board and Audit Committee as Trisha Nomura steps down for personal reasons.
Rhea-AI Filing Summary
New Horizon Aircraft Ltd. (HOVR) reported a planned Board transition, with Class I director and Audit Committee Chair Trisha Nomura resigning for personal reasons, effective upon the appointment of her successor, and confirming her departure is not due to any disagreement regarding operations, policies, or practices.
On September 4, 2026, the Board appointed Thomas (Tom) Hearne as a Class I director to fill the vacancy and named him Chair of the Audit Committee and a member of the Compensation and Nominating and Corporate Governance Committees, with a term running until the 2027 annual meeting of shareholders. The Board determined that Hearne is independent under SEC, Nasdaq, and Canadian rules, and that he qualifies as an “audit committee financial expert”. Hearne, a Chartered Professional Accountant with more than 30 years of senior technology and capital markets experience, will receive the same compensation arrangements as other non-employee directors.
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8-K Event Classification
3 items: 5.02, 7.01, 9.01
3 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Warrant exercise price: $11.50 per share
Tom Hearne experience: More than 30 years
Financings overseen by Tom Hearne: More than $500 million
+2 more
5 metrics
Warrant exercise price
$11.50 per share
Each whole warrant exercisable for one Class A Ordinary Share
Tom Hearne experience
More than 30 years
Senior executive and board roles in technology companies
Financings overseen by Tom Hearne
More than $500 million
Total value of successful financings he helped complete
End of Tom Hearne’s current Board term
2027 annual meeting of shareholders
Serves as Class I director until that meeting or earlier cessation
Effective date of Hearne appointment
September 4, 2026
Appointment to Board and as Audit Committee Chair
Key Terms
audit committee financial expert, Nasdaq Listing Rules, Vertical Takeoff and Landing (VTOL), forward-looking statements, +1 more
5 terms
audit committee financial expert regulatory
"determined that Mr. Hearne qualifies as an “audit committee financial expert”"
A person on a company’s board who has deep knowledge of accounting, financial reporting and auditing, able to understand and question the books, controls and audit work like a trained mechanic inspecting an engine. Investors care because that expertise helps spot errors, weaknesses or misleading statements early, improving the likelihood that financial reports are accurate and reducing the risk of surprises that can hurt a company’s value.
Nasdaq Listing Rules regulatory
"meets the financial sophistication requirements of the Nasdaq Listing Rules"
Nasdaq listing rules are the rulebook a company must follow to have its shares traded on the Nasdaq stock exchange, covering entry requirements and ongoing standards for finances, corporate governance, public disclosure and reporting. For investors they matter because the rules create baseline checks — like a driver’s license and regular inspections for a car — that promote transparency, comparability and reduce the risk of fraud or sudden delisting.
Vertical Takeoff and Landing (VTOL) technical
"developing one of the first hybrid-electric Vertical Takeoff and Landing (VTOL) aircraft"
An aircraft design that can lift off and touch down vertically without needing a runway, like a helicopter or newer electric short-range models, enabling point-to-point travel from small pads or rooftops. Investors care because VTOL technology changes who can provide transportation and how much it costs to operate and scale — similar to how ride-sharing changed ground transport — so its commercial readiness, safety, infrastructure needs and production costs can materially affect manufacturers, service providers and related supply chains.
forward-looking statements regulatory
"This press release contains certain “forward-looking statements” within the meaning"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
FAQ
Why did New Horizon Aircraft (HOVR) director Trisha Nomura resign?
Trisha Nomura resigned from the New Horizon Aircraft Board and its committees for personal reasons, citing a desire to spend more time with her family. The company states her resignation is not due to any disagreement regarding its operations, policies, practices, or financial reporting.
Who replaced Trisha Nomura on the New Horizon Aircraft (HOVR) Board?
The Board appointed Thomas (Tom) Hearne as a Class I director on September 4, 2026, filling the vacancy created by Trisha Nomura’s resignation and naming him Chair of the Audit Committee and member of the Compensation and Nominating and Corporate Governance Committees.
What is Tom Hearne’s role and term on the New Horizon Aircraft (HOVR) Board?
Tom Hearne will serve as a Class I director and Chair of the Audit Committee, as well as a member of the Compensation and Nominating and Corporate Governance Committees, until New Horizon Aircraft’s 2027 annual meeting of shareholders or until a successor is elected or he otherwise ceases to serve.
Is Tom Hearne considered independent under exchange and securities rules for HOVR?
Yes. The Board determined that Tom Hearne is independent under applicable rules of the SEC, the Nasdaq Listing Rules, and applicable Canadian securities laws. The Board also determined that he qualifies as an “audit committee financial expert” and meets Nasdaq financial sophistication requirements.
What experience does Tom Hearne bring to New Horizon Aircraft (HOVR)?
Tom Hearne has over 30 years of senior executive and board experience with technology companies and has helped complete financings totaling more than $500 million. He is currently CEO and a director of ARB Labs and serves on other public company boards and committees.
What securities of New Horizon Aircraft (HOVR) are listed on Nasdaq?
New Horizon Aircraft lists Class A Ordinary Shares under the symbol HOVR and warrants under the symbol HOVRW. Each whole warrant is exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share on The Nasdaq Stock Market LLC.
AI-generated analysis. How Rhea-AI works. Not financial advice.
