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Horizon Aircraft “Secures USD8.4 Million Investment”

Cana­da-based Hori­zon Air­craft, a lead­ing hybrid-elec­tric VTOL air­craft devel­op­er, recent­ly announced it has secured a USD8.4 mil­lion fund­ing from an investor, reports a press release. 

This lat­est financ­ing “will strength­en Horizon’s bal­ance sheet, pro­vide sta­bil­i­ty in the oper­a­tions, gov­er­nance and reg­u­la­to­ry pri­or­i­ties, as well as fund fur­ther devel­op­ment and flight test­ing of its Cavorite X7 air­craft,” explains the release. 

Bran­don Robin­son, co-Founder and CEO of Hori­zon, com­ment­ed, “We are deeply appre­cia­tive for this sec­ond invest­ment from our strate­gic part­ner. 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.” He added, “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 fund­ing, the investor will receive an aggre­gate USD2.1 mil­lion in Hori­zon Class A ordi­nary shares totalling 4,166,667 shares offered at 0.50 Cana­di­an dol­lars (CAD) per share. 

Addi­tion­al­ly, the investor is to exchange USD6.3 mil­lion for 4,500 pre­ferred shares to be issued from trea­sury, each will be con­vert­ible to com­mon shares at a price of 0.63 CAD per share for a peri­od of five years. The release explains, “The pre­ferred shares will have a pri­or­i­ty liq­ui­da­tion pref­er­ence over the com­mon shares. The com­pa­ny is to reg­is­ter the com­mon shares with the U.S Secu­ri­ties and Exchange Com­mis­sion as soon as prac­ti­cal­ly pos­si­ble, but no lat­er than 90 cal­en­dar days from fil­ing.”

For more infor­ma­tion

www.horizonaircraft.com

(Top image: Hori­zon)

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