Horizon Aircraft Secures $8.4M Strategic Investment for Vertical Magazine
Horizon Aircraft, a developer of hybrid electric vertical takeoff and landing (eVTOL) aircraft, has recently announced a significant financial boost. A strategic investor and aerospace supporter have contributed $8.4 million in total to support the company’s initiatives. This investment will not only strengthen Horizon Aircraft’s financial position but also provide stability for its operations, governance, regulatory priorities, and further development of its hybrid eVTOL, the Cavorite X7.
Brandon Robinson, the CEO and co-founder of Horizon Aircraft, expressed gratitude for this additional investment, emphasizing the continued support from their strategic partner. With this infusion of capital, the company is well-positioned to focus on the development of their full-scale hybrid eVTOL aircraft.
As part of the agreement, the investor will receive $2.1 million in Horizon Class A ordinary shares, totaling 4,166,667 shares at $0.50 CAD per share. Additionally, the investor will exchange $6.3 million for 4,500 preferred shares, each of which can be converted to Common Shares at a price of C$0.63 per share over a period of five years.
It’s important to note that the preferred shares will have priority in liquidation over the common shares. Furthermore, the company is committed to registering the common shares with the United States Securities and Exchange Commission within 90 calendar days of filing.
This exciting development was shared in a press release by New Horizon Aircraft, showcasing the company’s commitment to innovation and growth in the eVTOL aircraft industry. With this new investment, Horizon Aircraft is poised to make significant strides in the development and testing of their groundbreaking hybrid eVTOL technology.
