Horizon Aircraft terminates forward purchase agreement with Meteora Capital

New Horizon Aircraft (HOVR) announced the signing of a mutual termination agreement with Meteora Capital Partners of the previous forward purchase agreement entered into in August of 2023, ahead of the SPAC merger completion. Under the Termination Agreement, all obligations owed by the Company or Meteora to the other under the Forward Purchase Agreement are fully satisfied. As part of the termination agreement, the Company will pay a termination fee of $200,000 to Meteora and agreed to issue to Meteora 200,000 shares of common stock if the Company files a resale registration statement within 24 months. In connection with the conclusion of this agreement, the Company expects to record a gain from the FPA termination of between an estimated $20-$25 million in its second quarter ending November 30, 2024.