Corporate ActionMay 8, 2026, 06:13 AM
New Horizon Aircraft Announces $19.9M Registered Direct Offering
AI Summary
New Horizon Aircraft Ltd. announced the pricing of a registered direct offering with institutional investors, expecting to raise approximately $19.9 million in gross proceeds. The company will sell 9,254,889 Class A ordinary shares at $2.15 per share. The net proceeds are intended to fund and accelerate the development of its Cavorite X7 aircraft program, as well as for working capital and general corporate purposes. The offering, for which Titan Partners Group LLC is the sole placement agent, is expected to close around May 8, 2026.
Key Highlights
- New Horizon Aircraft entered into Securities Purchase Agreements with institutional investors.
- Company to sell 9,254,889 Class A ordinary shares at $2.15 per share.
- Aggregate gross proceeds from the offering are approximately $19.9 million.
- Net proceeds will fund Cavorite X7 aircraft program development, working capital, and general corporate purposes.
- Titan Partners Group LLC is the sole placement agent, receiving a $1.4 million cash fee.
- Placement agent also receives warrants to purchase 277,647 Common Shares at $2.4725 exercise price.
- The offering is expected to close on or about May 8, 2026.
- Company agreed to a 45-day lock-up on further equity issuances, with exceptions.
Price Impact
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