$25M Dilutive Offering Priced by New Horizon Aircraft to Fund Cavorite X7 Prototype
HOVR has more than doubled off its 52-week low of $0.821 on elevated volume (8.1× avg).
Summary
New Horizon Aircraft priced a $25 million registered direct offering, selling common shares at $2.51 and pre-funded warrants. This significant capital raise is highly dilutive to existing shareholders, with shares priced at a discount to the current market price. The capital is crucial to fund the completion of the Cavorite X7 prototype and advance its testing and certification. This follows a $20 million offering that closed earlier this month and addresses the persistent going concern doubt reported in the company's recent 10-Q filing. The offering is expected to close around May 27, 2026.
At the time of this announcement, HOVR was trading at $3.01 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $134.4M. The 52-week trading range was $0.82 to $4.18. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Wiseek News.