New Horizon Aircraft Ltd. (NASDAQ: HOVR) completed a registered direct offering of 9,254,889 Class A Ordinary Shares to institutional investors, generating approximately $20 million in gross proceeds before deducting offering expenses.

The aerospace company, which develops hybrid-electric vertical takeoff and landing aircraft, plans to use the net proceeds to fund development of its Cavorite X7 aircraft program, working capital and general corporate purposes.

Titan Partners, a division of American Capital Partners, served as the sole placement agent for the offering. The transaction was conducted under a shelf registration statement filed with the Securities and Exchange Commission in February 2025 and declared effective in March 2025.

New Horizon Aircraft focuses on developing hybrid-electric VTOL aircraft designed for wing-borne flight during most of the mission. The company targets regional aircraft operators, emergency service providers and military customers upon completion of testing and certification of its aircraft.

The offering documentation, including the prospectus supplement and accompanying prospectus, has been filed with the SEC and is available on the commission's website.