Horizon Aircraft Announces Exercise of Warrants, Providing an Additional $2.7 Million in Gross Proceeds

~ Further Secures Balance Sheet, This Second Capital Infusion in Last 30 Days Totals $11.1 Million ~

TORONTO, Jan. 08, 2025 (GLOBE NEWSWIRE) -- New Horizon Aircraft Ltd. (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”), a leading hybrid electric Vertical Take-Off and Landing (“eVTOL”) aircraft developer, announced today the exercise of 2.5 million warrants for gross proceeds of approximately $2.7 million. This additional working capital follows the Company’s recent announcement of a strategic investment of $8.4 million, totaling $11.1 million of capital infusion in the last 30 days.

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