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.”
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(Top image: Horizon)
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