New horizon aircraft announces closing of $2.9 million public offering

Toronto, aug. 21, 2024 (globe newswire) -- new horizon aircraft (nasdaq: hovr), today closed its previously announced underwritten public offering of (i) 2,800,000 of its class a ordinary shares, no par value per share, and accompanying warrants to purchase up to 2,800,000 of its class a ordinary shares, and (ii) to certain investors, pre-funded warrants to purchase up to an aggregate of 3,000,000 class a ordinary shares and accompanying warrants to purchase up to an aggregate of 3,000,000 class a ordinary shares. each class a ordinary share and accompanying warrant are being sold together at a combined public offering price of $0.50, and each pre-funded warrant and accompanying warrant are being sold together at a combined public offering price of $0.50. each warrant will have an exercise price $0.75 per share, be exercisable immediately upon issuance and expire five years from the date of issuance. each pre-funded warrant will have an exercise price of $0.00001 per share and will be exercisable immediately after the original issue date until the pre-funded warrant is exercised in full. the gross proceeds to horizon aircraft from the offering, before deducting the underwriting discounts and other offering expenses, are approximately $2.9 million, assuming no exercise of warrants, and up to approximately $7.25 million, assuming the warrants are exercised in full for cash.
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