Horizon Aircraft (HOVR) announced it has received an investment from a strategic investor and aerospace supporter, for aggregate proceeds of $8.4M. The strategic financing will fortify Horizon Aircraft’s balance sheet, provide stability in the operations, governance and regulatory priorities, and fund further development and flight testing of its hybrid eVTOL, the Cavorite X7. Under the terms of the investment, the investor will receive an aggregate $2.1M in Horizon Class A ordinary shares totaling 4,166,667 shares offered at C$0.50 per share to be issued from treasury. Additionally, the Investor will exchange $6.3M for 4,500 preferred shares to be issued from treasury, each will be convertible to Common Shares at a price of C$0.63 per share for a period of five years. The preferred shares shall have a priority liquidation preference over the common shares. The company shall register the common shares with the United States Securities and Exchange Commission as soon as practically possible, but no later than 90 calendar days from filing.
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