New Horizon Aircraft (HOVR) Registration filing summary

Company overview and business model

• Designs next-generation hybrid-electric eVTOL aircraft for the Regional Air Mobility market, targeting routes of 50–500 miles.

• Flagship product is the Cavorite X7, a 7-seat hybrid-electric aircraft capable of vertical takeoff and landing, aiming for speeds over 250 mph and range over 500 miles.

• Seeks to connect remote communities and address climate-related disasters with efficient regional air transport.

• Resulted from a business combination with a SPAC, redomiciled to British Columbia in January 2024.

Financial performance and metrics

• As of May 31, 2026, had cash and cash equivalents of $78.3 CAD million and an accumulated deficit of $42.6 CAD million.

• Management expects sufficient funds for at least the next 12 months from the date of the latest financial statements.

• Net tangible book value as of May 31, 2026, was $0.94 per share; pro forma after offering would be $1.47 per share.

• 67,123,941 Common Shares outstanding as of August 27, 2026.

Use of proceeds and capital allocation

• Net proceeds intended for aircraft development, personnel, and general corporate and working capital purposes.

• Pending use, proceeds will be invested in high-quality, short-term, interest-bearing securities.