TORONTO, Aug.20, 2024 (GLOBE NEWSWIRE) -- New Horizon Aircraft (NASDAQ:HOVR), doing business as Horizon Aircraft ("Horizon Aircraft" or the "Company"), an advanced aerospace engineering company and developer of hybrid eVTOL (electric Vertical Take-Off and Landing) aircraft, today announced the pricing of an 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.
The gross proceeds to Horizon Aircraft from the offering, before deducting the underwriting discounts and other offering expenses, are expected to be 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.
The story "New Horizon Aircraft Announces Pricing of $2.9 Million Public Offering" has 1101 words across 28 sentences, which will take approximately 5 - 10 minutes for the average person to read.
Which news outlet covered this story?
The story "New Horizon Aircraft Announces Pricing of $2.9 Million Public Offering" was covered 4 days ago by Benzinga, a news publisher based in United States.
How trustworthy is 'Benzinga' news outlet?
Benzinga is a fully independent (privately-owned) news outlet established in 2010 that covers mostly investing and business news.
The outlet is headquartered in United States and publishes an average of 1 news stories per day.
It's most recent story was published 19 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Negative, indicating that people regard this as "bad news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.