New Horizon Aircraft (HOVR) Registration Filing summary

Company overview and business model

• Designs and aims to build next-generation hybrid electric eVTOL aircraft for the Regional Air Mobility market, targeting routes of 50–500 miles.

• Flagship product is the Cavorite X7, a 7-seat hybrid electric aircraft capable of vertical takeoff and landing, with a projected speed of up to 250 mph and range over 500 miles.

• Seeks to address efficient regional transport, connect remote communities, and support disaster response.

• Resulted from a business combination completed in January 2024, with shares listed on Nasdaq under the symbol HOVR.

Financial performance and metrics

• As of May 31, 2024, reported an accumulated deficit of $14.7 million and cash/cash equivalents of $1.8 million.

• Net tangible book value as of November 30, 2024, was $0.04 per share; pro forma net tangible book value after offering would be $0.26 per share.

• Aggregate market value of outstanding common shares held by non-affiliates was approximately $33.1 million as of February 13, 2025.

• Substantial doubt exists about ability to continue as a going concern without additional capital.

Use of proceeds and capital allocation

• Net proceeds from securities sales are intended for aircraft development and general corporate and working capital purposes.

• Pending use, proceeds will be invested in high-quality, short-term, interest-bearing securities.