New Horizon Aircraft amends forward purchase agreement with Meteora, adding up to $5M prepayment shortfall and warrants

New Horizon Aircraft Ltd.

Amendment dated Feb 14, 2024 revises prepayment shortfall to 5.0% of product of Recycled Shares and Initial Price.
Company may request up to $5,000,000 via twenty $250,000 Additional Shortfall Requests, subject to equity conditions.
Seller may at its discretion request Shortfall Warrants for up to 10,000,000 shares or 19.99% of outstanding Class A ordinary shares.
New registration rights require HOVR to file resale registration statement within 30 days of seller request.
Company restricted from issuing or selling shares until Shortfall Sales equal total potential prepayment shortfall.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

New Horizon Aircraft Ltd. amended FPA Amendment with Meteora Capital Partners, LP, Meteora Select Trading Opportunities Master, LP and Meteora Strategic Capital, LLC (effective 2024-02-14).

Action: amendment
Counterparty: Meteora Capital Partners, LP, Meteora Select Trading Opportunities Master, LP and Meteora Strategic Capital, LLC
Effective: 2024-02-14

Exact text from the filing

On February 14, 2024, New Horizon Aircraft Ltd., a British Columbia company (the “ Company ”) entered into a forward purchase agreement confirmation amendment (the “ FPA Amendment ”) with (i) Meteora Capital Partners, LP (“ MCP ”) (ii) Meteora Select Trading Opportunities Master, LP (“ MSTO ”) and (iii) Meteora Strategic Capital, LLC (“ MSC ”) (with MCP, MSTO and MSC collectively as “ Seller ”) for purposes of amending the previously disclosed OTC Equity Prepaid Forward Transaction, dated as of August 15, 2023 (the “ Forward Purchase Agreement ”).

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Source: SEC EDGAR

accession 0001213900-24-015540

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