Horizon Aircraft Simplifies Capital Structure with Mutual Termination of Forward Purchase Agreement with Meteora Capital [Canadian Business Journal (Canada)]
New Horizon Aircraft Ltd. - Class A Ordinary Shares (HOVR)
Company Research
Source: Canadian Business Journal
~ Expects to Record a Gain of ~$20-25 Million in its Second Quarter from the Termination of the FPA ~~ The Removal of the Financing Structure Further Eliminates SPAC Overhang ~TORONTO, Nov. 07, 2024 (GLOBE NEWSWIRE) — New Horizon Aircraft Ltd. (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”), a leading hybrid electric Vertical TakeOff and Landing (“eVTOL”) aircraft developer, announced today the signing of a mutual termination agreement (the “Termination Agreement”) with Meteora Capital Partners, LP (“Meteora”) of the previous forward purchase agreement (“Forward Purchase Agreement” or “FPA”), entered into in August of 2023, ahead of the SPAC merger completion.Under the Termination Agreement, all obligations owed by the Company or Meteora to the other under the Forward Purchase Agreement are fully satisfied. As part of the termination agreement, the Company will pay a termination fee of $200,000 to Meteora and agreed to issue to Meteora 200,000
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News
- Horizon Aircraft Bolsters Cavorite X7 Development with Top Propulsion Expert [Yahoo! Finance]Yahoo! Finance
- Horizon Aircraft Bolsters Cavorite X7 Development with Top Propulsion ExpertGlobeNewswire
- Horizon Aircraft Successful with Nasdaq Listing Requirements [Canadian Business Journal (Canada)]Canadian Business Journal
- New Horizon Aircraft regains compliance with Nasdaq continued listing rules [Seeking Alpha]Seeking Alpha
- Horizon Aircraft Successful with Nasdaq Listing RequirementsGlobeNewswire
HOVR
Sec Filings
- 2/14/25 - Form S-3
- 2/6/25 - Form 4
- 2/6/25 - Form 3
- HOVR's page on the SEC website