Nasdaq rejects New Horizon Aircraft's compliance plan; hearing requested

New Horizon Aircraft Ltd.

Company failed net income standard ($500K) and alternative listing standards (market value $35M, equity $2.5M).
Nasdaq staff determined not to accept proposed compliance plan in current form on Oct 11, 2024.
Company requested hearing before Nasdaq Hearings Panel to appeal; no assurance plan will be accepted.
Class A ordinary shares (HOVR) and warrants (HOVRW) continue trading pending hearing outcome.
Delisting risk noted as materially adverse to capital raising and financial condition.

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