secwatch.observer — SEC 8-K summary
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Issuer:     New Horizon Aircraft Ltd. (HOVR)
CIK:        0001930021
Form:       8-K
Filed at:   2024-01-19T23:59:59+00:00
Accession:  0001213900-24-004932
Event type: m_and_a
Sentiment:  neutral
Materiality: 1.00
Item codes: 1.01, 2.01, 9.01, 5.02, 3.02, 3.03, 5.01, 5.03, 5.06
LLM model:  deepseek-v4-flash:cloud@v2

New Horizon Aircraft completes de-SPAC merger with Pono Capital Three
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- Total consideration ~$99M; issued 9.42M Class A shares to Horizon shareholders.
- Pono shareholders redeemed 9.85M shares for ~$104.5M; trust account left ~$17.45M.
- PIPE investor subscribed 200,000 shares at $2M; 754,013 incentive shares transferred.
- Six-month lock-up on shares; early release if price >=$12 for 20 days after 150-day period.
- Post-merger ownership: Sponsor 33%, former Horizon shareholders 51%, public ~10%, PIPE ~5%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1930021/000121390024004932/0001213900-24-004932-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1930021/000121390024004932/ea191793-8k_newhoriz.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-004932

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