Electric vertical takeoff and landing (eVTOL) aircraft developer New Horizon Aircraft has secured an investment from a strategic investor with proceeds of $8.4 million. The company said the investment will boost its balance sheet and provide stability in its operations as well as regulatory obligations, and fund further development and flight testing of its hybrid eVTOL Cavorite X7.
“The principle's continued support through this second tranche of funding provides our business with a solid working capital position in support of our initiatives,” said cofounder and CEO of Horizon Aircraft, Brandon Robinson. “With this commitment, Horizon Aircraft is on solid footing, and our focus is on the development of our full-scale hybrid eVTOL.”
The investor will receive $2.1 million in Horizon Class A ordinary shares totalling 4.2 million ordinary shares offered at C$0.50 ($0.35) per share. In addition, the investor will exchange $6.3 million for 3,500 preferred shares with each to be convertible to common shares at a price of C$0.63 ($0.44) per share for a period of five years.