New Horizon Aircraft Ltd. is seeking shareholder votes at its virtual annual meeting on November 24, 2026, to elect Brandon Robinson as its sole Class III director nominee through the 2029 annual meeting and appoint MNP LLP as auditor for the fiscal year ending May 31, 2027. The board recommends votes FOR both proposals. MNP has served as the company’s auditor since April 3, 2024.
As of the October 15, 2026 record date, 67,123,941 Class A ordinary shares were issued and outstanding, with one vote per share. The beneficial-ownership table lists Canso Investment Counsel Ltd. with 13,323,128 shares, or 19.8%, including 8,488,889 shares issuable upon conversion of Series A Preferred Shares.
New Horizon Aircraft Ltd. reported financial and operational results for the first quarter of fiscal 2027, ended August 31, 2026, and described progress on its full-scale Cavorite X7 hybrid-electric VTOL demonstrator. CEO Brandon Robinson said strategic capital allocation and financial discipline are keeping the company on track to complete the demonstrator around the end of the first quarter of calendar 2027, followed by ground testing and then flight testing.
The company said it is investing in engineering, systems integration and flight-control architecture. It intends to scale unit production to meet expected demand from regional aircraft operators, emergency service providers and military customers upon successful completion of testing and certification.
New Horizon Aircraft Ltd. (HOVR), a pre-revenue aerospace company developing the hybrid-electric Cavorite X7, reported a net loss of C$4.071 million for the three months ended August 31, 2026, compared with C$10.903 million a year earlier. Research and development expense was C$7.429 million, up from C$2.719 million, as engineering work continued on its full-scale technical demonstrator. A warrant fair-value change contributed C$3.820 million of income, compared with C$5.137 million of expense in the prior-year quarter.
Cash used in operating activities was C$7.213 million, versus C$2.364 million a year earlier; cash and cash equivalents were C$70.061 million as of August 31, 2026. Management expects cash on hand to fund the current operating plan for at least 12 months from when the interim statements became available, but disclosed substantial doubt about its ability to meet the going-concern assumption beyond that period without raising additional capital.
During the quarter, HOVR sold 219,624 Class A ordinary shares under its Sales Agreement for net proceeds of C$618,000. Under a new shelf registration, HOVR may, from time to time, sell Class A ordinary shares with an aggregate value of up to $50 million USD; no sales were made from that shelf during the quarter.
New Horizon Aircraft Ltd. (HOVR) has a new initial insider ownership report from director Hearne Thomas Joseph on Form 3. The report lists him as a director but shows no insider transactions or derivative positions and includes a reference to an Exhibit 24.1 Power of Attorney.
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.
New Horizon Aircraft Ltd. (HOVR) has filed a prospectus supplement for an at-the-market offering of up to $50,000,000 of its Class A common shares under a Capital on Demand Sales Agreement with JonesTrading Institutional Services LLC. JonesTrading will act as sales agent or principal and may receive up to 3.0% of gross proceeds as commission.
The company’s common shares trade on Nasdaq under “HOVR,” with a last reported price of $1.81 on August 27, 2026, and had 67,123,941 shares outstanding as of that date. Proceeds, if any, are intended for aircraft development and general corporate and working-capital purposes. The filing highlights significant potential dilution from existing options, warrants, preferred shares and equity incentive plans, and it discloses substantial doubt about the company’s ability to continue as a going concern beyond 12 months without additional capital.
New Horizon Aircraft Ltd. (HOVR) has filed a shelf registration that allows it to offer and sell, from time to time, up to $200,000,000 of Common Shares, preferred shares, debt securities, warrants, rights and units. Specific terms for each issuance will be detailed in future prospectus supplements.
The filing includes a separate sales agreement prospectus for up to $50,000,000 of securities to be sold under a Sales Agreement with Jones; any unsold portion under that agreement may instead be offered under the base prospectus. Net proceeds are expected to be used for aircraft development, personnel, and general corporate and working capital purposes.
HOVR’s Common Shares and Public Warrants trade on Nasdaq under “HOVR” and “HOVRW.” On August 27, 2026, the Common Shares closed at $1.81 and the Public Warrants at $0.37, with each Public Warrant exercisable for one Common Share at $11.50. New Horizon is an emerging growth company and a smaller reporting company, which permits reduced disclosure requirements. The company is developing its hybrid-electric Cavorite X7 eVTOL aircraft for the regional air mobility market.
New Horizon Aircraft Ltd. has a significant shareholder group led by Alyeska Investment Group, L.P., Alyeska Fund GP, LLC and Anand Parekh, reporting beneficial ownership of 4,148,433 Class A Ordinary Shares as of 30 June 2026. This represents 6.72% of the company’s Class A Ordinary Shares, based on 61,762,932 shares outstanding referenced from a May 27, 2026 Form 424B5.
The position consists of 1,987,536 shares of common stock and 2,160,897 shares issuable upon exercise of pre-funded warrants, all held through Alyeska Master Fund, L.P. Voting and investment power over these securities is shared, with no sole voting or dispositive power reported. Alyeska Investment Group, L.P. exercises voting and investment control over the fund’s holdings; Anand Parekh may be deemed a beneficial owner due to his role but disclaims beneficial ownership. The filing is made as a joint statement under Rule 13d-1(k).
Canso Investment Counsel Ltd., a portfolio manager based in Ontario, Canada, reported beneficial ownership of 13,323,128 Class A Ordinary Shares of New Horizon Aircraft Ltd. This represents 17.7% of the class, filed on a Schedule 13G/A (Amendment No. 5).
The position includes 4,834,239 Class A Ordinary Shares held directly and 8,488,889 Class A Ordinary Shares issuable upon conversion of the issuer’s Series A Preferred Shares held by Canso. Canso has sole voting and dispositive power over all reported shares, with no shared voting or dispositive power. The securities are owned of record by certain managed accounts of Canso, which have rights to dividends and sale proceeds.