New Horizon Aircraft Secures $25M to Complete and Certify Cavorite X7 Prototype
HOVR•New Horizon Aircraft closed a $25 million registered direct offering by issuing 9,960,160 Class A ordinary shares. Proceeds will fully fund completion of the Cavorite X7 hybrid-electric VTOL prototype and advance its testing, certification and preparation for commercial production.
1. Offering Completion
New Horizon Aircraft closed its registered direct offering, selling 9,960,160 Class A ordinary shares and raising approximately $25 million in gross proceeds before expenses.
2. Funding Allocation
The company intends to use the net proceeds to fully fund completion of the Cavorite X7 hybrid-electric VTOL prototype, covering engineering, materials and manufacturing costs.
3. Program Advancement and Market Strategy
With prototype completion funded, Horizon Aircraft will focus on initial testing and certification of the Cavorite X7, aiming to transition into commercial production for regional operators, emergency services and military customers.
