New Horizon Aircraft Ltd. (NASDAQ: HOVR) completed a $25 million registered direct offering of 9,960,160 Class A ordinary shares, the company announced. The aerospace company develops hybrid-electric vertical takeoff and landing aircraft.

The offering involved the same institutional investors from the company's May 8, 2026 offering. Titan Partners, a division of American Capital Partners, served as the sole placement agent.

New Horizon Aircraft plans to use the net proceeds to fund completion of its Cavorite X7 prototype and advance the program toward testing, certification and commercial production. The gross proceeds totaled approximately $25 million before deducting offering expenses.

The offering was conducted under a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on February 14, 2025, and declared effective on March 25, 2025. The shares were offered through a prospectus supplement and accompanying prospectus filed with the SEC.

New Horizon Aircraft is developing hybrid-electric VTOL aircraft designed to fly most missions in traditional wing-borne flight. The company targets regional aircraft operators, emergency service providers and military customers upon completion of testing and certification.