HOVR · New Horizon Aircraft Ltd.

This $20 million registered direct offering represents a material financing event for New Horizon Aircraft Ltd., a pre-revenue aerospace developer advancing its hybrid-electric VTOL Cavorite X7 aircraft. The offering was executed efficiently under an already effective Form S-3 shelf registration, signaling regulatory readiness and operational discipline in capital raising. With gross proceeds of approximately $20 million — priced at roughly $2.16 per share based on the disclosed quantity and total — the Company gains near-term liquidity to advance critical development milestones, including full-scale testing and certification pathways. Unlike unregistered private placements, this registered direct offering enhances transparency and investor accessibility, and the involvement of Titan Partners as sole placement agent adds credibility in targeting qualified institutional capital. Crucially, the filing explicitly ties use of proceeds to accelerating the Cavorite X7 buildout — suggesting potential compression of the development timeline, though no specific technical or certification milestones are quantified or updated in the release. Given the Company’s stage (pre-certification, pre-revenue) and capital-intensive domain, this financing directly addresses a key risk factor cited in the forward-looking statements: the need to raise additional capital to execute business plans. While the offering does not eliminate future funding needs — and the press release cautions that capital requirements remain uncertain — it extends the company’s operational runway and strengthens its ability to meet upcoming technical and regulatory inflection points. No dilution analysis, lock-up terms, or insider participation is disclosed, limiting full assessment of shareholder impact.