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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Horizon Aircraft reports fiscal Q4 2026 results; cash $78.3M, prototype testing in Q1 2027
Cash balance of $78.3M provides more than 24 months of liquidity to complete full-scale demonstrator.
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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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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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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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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 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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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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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 signs definitive merger with Horizon Aircraft at $96M enterprise value
Horizon shareholders receive ~$96M less closing net indebtedness in Pono Class A shares.
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Pono Capital Three closes $115M SPAC IPO; full exercise of over-allotment
Priced 10M units at $10/unit; underwriters exercised over-allotment for 1.5M additional units, total 11.5M units.
Earnings & guidance
Materiality & sentiment trend
Max materiality 1.00 · Median 0.60 · Most common event other_material