New Horizon Aircraft Prices 9.25M Shares for $20M to Fund VTOL Program
New Horizon Aircraft agreed to sell 9,254,889 Class A shares in a $20 million offering to institutional investors, closing on or about May 8. Net proceeds will fund and accelerate development of the Cavorite X7 hybrid-electric VTOL aircraft program, with remaining funds for working capital and corporate purposes.
1. Financing Structure
New Horizon Aircraft entered into a definitive agreement to sell 9,254,889 Class A Ordinary Shares to institutional investors, generating approximately $20 million in gross proceeds before expenses.
2. Use of Proceeds
The company plans to direct net proceeds toward accelerating development and buildout of its Cavorite X7 hybrid-electric VTOL aircraft program, supplementing working capital and general corporate purposes.
3. Closing and Agent
Subject to customary closing conditions, the offering is expected to close on or about May 8, with Titan Partners acting as sole placement agent.