Horizon Aircraft secures $8.4 million strategic investment

New Horizon Aircraft Ltd. (Toronto, Canada), doing business as hybrid-electric vertical takeoff and landing (eVTOL) aircraft developer Horizon Aircraft (“Horizon Aircraft” or the “Company”), announced in December 2024 that it has received an investment from a strategic investor and aerospace supporter, for aggregate proceeds of $8.4 million. The strategic financing will fortify Horizon Aircraft’s balance sheet, provide stability in the company’s operations, governance and regulatory priorities and fund further development and flight testing of its composite aircraft, Cavorite X7.

“We are deeply appreciative for this second investment from our strategic partner,” says Brandon Robinson, CEO and co-founder of Horizon Aircraft. “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. With this commitment Horizon Aircraft is on solid footing, and our focus is on the development of our full-scale hybrid eVTOL.””

Under the terms of the investment, the investor will receive an aggregate $2.1 million in Horizon Class A ordinary shares totaling 4,166,667 shares offered at $0.50 CAD per share to be issued from treasury (“common shares”). Additionally, the investor will exchange $6.3 million for 4,500 preferred shares to be issued from treasury (“preferred shares”). Each will be convertible to common shares at a price of $0.63 CAD per share for a period of five years. The preferred shares shall have a priority liquidation preference over the common shares. The company will 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.

For related content, read “Horizon Aircraft provides update on technical flight testing.”