New Horizon Aircraft Ltd. (Nasdaq: HOVR), an advanced aerospace company developing one of the first hybrid-electric vertical takeoff and landing (VTOL) aircraft through its flagship Cavorite X7 program, announced the closing of a definitive agreement with certain institutional investors for the purchase and sale of an aggregate of 9,254,889 Class A ordinary shares in a registered direct offering expected to result in gross proceeds of approximately $20 million, before deducting offering expenses.
The Company intends to use the net proceeds from the offering to fund and accelerate development and buildout of the Cavorite X7 aircraft program, as well as for working capital and general corporate purposes.
Titan Partners Group LLC, a division of American Capital Partners, acted as sole placement agent for the offering. Lucosky Brookman LLP served as counsel to the placement agent in connection with the transaction.
