Horizon Aircraft Secures $8.4 Million Strategic Investment

Core Insights - Horizon Aircraft has secured an investment of $8.4 million from a strategic investor to enhance its balance sheet and support the development of its hybrid eVTOL, the Cavorite X7 [1][4][7] Company Overview - Horizon Aircraft is developing one of the world's first hybrid electric Vertical TakeOff and Landing (eVTOL) aircraft, aiming to achieve industry-leading speed, range, and operational utility [2] - The company prioritizes safety, performance, and utility in its unique designs, with plans to complete testing and certification of the Cavorite X7 eVTOL swiftly [2] Investment Details - The investment includes$2.1 million for 4,166,667 Class A ordinary shares at $0.50 CAD per share and$6.3 million for 4,500 preferred shares, convertible to common shares at $0.63 CAD per share over five years [4] - The preferred shares will have a priority liquidation preference over the common shares [4] Future Development - The funding will support further development and flight testing of the Cavorite X7, ensuring the company is on solid footing for its initiatives [1][7] - The company aims to register the common shares with the U.S. Securities and Exchange Commission within 90 days [4]