Recent 8-K filings for HOVR
Highest-materiality recent filing
New Horizon Aircraft completes de-SPAC merger with Pono Capital Three
- 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.
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New Horizon Aircraft closes $25M registered direct offering of common shares
Gross proceeds ~$25M; 9.96M common shares (or equivalents) sold to same institutional investors as May 8 offering.
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New Horizon Aircraft raises $25M in registered direct offering for Cavorite X7 prototype funding
Gross proceeds ~$25M from sale of 9,960,160 Class A ordinary shares (or equivalents) at $2.51/share.
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New Horizon Aircraft closes $20M offering of 9.25M common shares
Closed registered direct offering of 9,254,889 Class A Ordinary Shares for gross proceeds of $20M.
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New Horizon Aircraft raises ~$20M in registered direct offering of 9.25M shares at $2.15
Offering of 9,254,889 Class A ordinary shares at $2.15 per share for gross proceeds of ~$19.9M.
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Horizon Aircraft reports Q3 FY2026; cash $20M, Cavorite X7 prototype on track
Cash position of $20M expected to fund development through fiscal 2027.
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Horizon Aircraft Q2 update: Cavorite X7 prototype assembly on track for 2026, cash over $24M
Cash on hand exceeds $24M; management says sufficient capital through 2026.
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Horizon Aircraft appoints test pilot-astronaut Jameel Janjua to board; ESPP, auditor approved
Jameel Janjua, Virgin Galactic test pilot and former USAF Test Pilot School instructor, elected as Class II director.
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New Horizon Aircraft boosts ATM offering capacity to $50M on Oct 31
Increased maximum aggregate offering price under ATM Sales Agreement with JonesTrading to $50M of Class A ordinary shares.
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Horizon Aircraft progressing full-scale Cavorite X7 eVTOL; liquidity >18 months
Full-scale hybrid eVTOL prototype under construction after successful fan-in-wing transition flight in May 2025; initial testing targeted in 18 months.
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New Horizon Aircraft regains Nasdaq minimum bid compliance, matter closed
Received notice from Nasdaq on June 26, 2025 that it regained compliance with minimum bid requirement under Listing Rule 5550(a)(2).
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New Horizon Aircraft increases ATM offering capacity by up to $16.5M
Total potential ATM offering raised to $21.6M ($5.1M already sold + $16.5M new tranche).
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Horizon Aircraft achieves stable forward flight transition of Cavorite X7 eVTOL prototype
First aircraft globally to achieve stable transition using novel fan-in-wing design.
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New Horizon Aircraft shareholders approve conversion of Series A Preferred Shares
Special meeting held Feb 26, 2025; 39.3% of eligible votes represented, quorum achieved.
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Nasdaq confirmed compliance with Equity Standard (Rule 5550(b)(1)) on Jan 24, 2025; listing continues on Nasdaq Capital Market.
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Company raised ~$6.0M net from Canso Financing (4,166,667 shares at $0.36/share and 4,500 Series A preferred).
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Amendment adds Exchange Cap prohibiting Common Share issuance upon conversion of Series A Preferred if it breaches Nasdaq Listing Rule 5635, pending shareholder approval.
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Horizon Aircraft (HOVR) raises $8.4M via common & preferred shares from Canso-led group
Sold 4,166,667 common shares at $0.36/share and 4,500 Series A preferred shares at $1,000/share for aggregate $8.4M.
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Horizon Aircraft terminates forward purchase agreement with Meteora; expects $20-25M gain
Mutual termination of Forward Purchase Agreement with Meteora Capital; $200,000 cash termination fee paid.
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Nasdaq rejects New Horizon Aircraft's compliance plan; hearing requested
Company failed net income standard ($500K) and alternative listing standards (market value $35M, equity $2.5M).
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New Horizon Aircraft removes warrant anti-dilution provision for Nasdaq compliance
Warrants dated Aug 21, 2024 amended to delete Section 3(b), which adjusted exercise price on dilutive issuances.
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New Horizon Aircraft receives Nasdaq delisting notice for failing continued listing standards
Received Nasdaq notice on Aug 28, 2024 for failing net income from continuing ops of $500k (Rule 5550(b)(3)).
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New Horizon Aircraft closes $2.9M public offering of units at $0.50 per unit
Gross proceeds ~$2.9M from the offering, up to ~$7.25M if warrants exercised in full for cash.
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New Horizon Aircraft prices $2.9M public offering of units at $0.50/unit
Offering consists of 5.8M units, each with one share (or pre-funded warrant) and one warrant; exercise price $0.75/share, 5-year expiry.
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New Horizon Aircraft receives Nasdaq bid price deficiency notice for HOVR shares
Nasdaq notified company on July 19, 2024 that bid price closed below $1.00 for 30 consecutive business days.
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Flight-testing program approaching full transition to forward flight of large-scale prototype eVTOL aircraft.
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Filed Amendment No. 2 to 8-K from Jan 12, 2024; restating Legacy Horizon's financials.
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New Horizon Aircraft restates FY2023 financials; prior statements no longer reliable
Company reclassified deferred development costs to R&D expenses, prompting restatement of FY2023 financials.
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New Horizon Aircraft dismisses Marcum LLP, appoints MNP LLP as auditor
Marcum LLP dismissed as independent auditor effective April 2, 2024; no disagreements or reportable events.
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Amendment dated Feb 14, 2024 revises prepayment shortfall to 5.0% of product of Recycled Shares and Initial Price.
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Net loss for six months ended Nov 30, 2023: C$1,156,232, vs C$534,916 loss in prior-year period.
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New Horizon Aircraft completes de-SPAC merger with Pono Capital Three
Total consideration ~$99M; issued 9.42M Class A shares to Horizon shareholders.
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Horizon Aircraft signs $250M LOI with JetSetGo for 50 Cavorite X7 eVTOL aircraft
LOI with JetSetGo for 50 Cavorite X7 aircraft at ~$5M each, total $250M; option for 50 more ($500M).
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Horizon Aircraft closes SPAC merger with Pono Capital Three, to trade on Nasdaq Jan 16
Business combination closed January 12, 2024; combined entity New Horizon Aircraft Ltd.
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Pono Capital Three completes SPAC continuance; Horizon Aircraft merger closing Jan 12
SPAC continuance from Cayman Islands to British Columbia completed Jan 11, 2024, approved by board and shareholders on Jan 4.
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Over 81.1% of outstanding shares voted to approve the business combination at Jan 4 meeting.
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Pono Capital Three waives Horizon merger condition, secures $2M subscription for closing
Waived equity financing closing condition in Business Combination Agreement with Horizon Aircraft.
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Pono Capital Three furnishes investor presentation for merger with Horizon Aircraft (eVTOL)
Investor presentation dated November 29, 2023 provided under Item 7.01 for the previously announced business combination with Robinson Aircraft Ltd. (Horizon Aircraft).
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Pono Capital Three amends 8-K to add EF Hutton as Capital Markets Advisor for Horizon merger
Amendment corrects Aug 15 press release to include EF Hutton, a division of Benchmark Investments, as Capital Markets Advisor.
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Pono Capital Three signs definitive merger with Horizon Aircraft at $96M enterprise value
Horizon shareholders receive ~$96M less closing net indebtedness in Pono Class A shares.
Earnings & guidance
Materiality & sentiment trend
Max materiality 1.00 · Median 0.65 · Most common event other_material