HOVR · New Horizon Aircraft Ltd.

New Horizon Aircraft Ltd. entered into securities purchase agreements with institutional investors for a registered direct offering of 9,254,889 Class A ordinary shares at $2.15 per share, generating gross proceeds of approximately $19.9 million. The company intends to use net proceeds to fund and accelerate development of its Cavorite X7 hybrid-electric VTOL aircraft program, as well as for working capital and general corporate purposes. The offering is being conducted under an effective shelf registration statement (Form S-3, File No. 333-285000). Titan Partners Group LLC is acting as sole placement agent, receiving a cash fee of approximately $1.4 million and warrants to purchase 277,647 shares at $2.4725 per share, exercisable for five years from issuance. The warrants are subject to a 180-day lock-up under FINRA Rule 5110. The company also agreed to a 45-day lock-up on further equity issuances and registration statements. Closing is expected on or about May 8, 2026, subject to customary conditions. This financing provides capital to advance the Cavorite X7 program and strengthens the company's balance sheet.