Horizon Aircraft regains Nasdaq compliance and receives an extension to meet bid price requirements through July 2025.
Quiver AI Summary
Horizon Aircraft Ltd. announced that it has regained compliance with Nasdaq's Listing Rule 5550(b), ensuring its shares will continue to be listed on the Nasdaq Capital Market. The company also received an extension until July 14, 2025, to comply with the Bid Price Rule (Listing Rule 5550(a)(2)). Horizon Aircraft is a developer of hybrid electric Vertical Take-Off and Landing (eVTOL) aircraft, focusing on safety, performance, and utility. The press release includes forward-looking statements about the company's future, risks, and uncertainties concerning its business operations and market conditions, advising caution for investors regarding reliance on such projections.
Potential Positives
- Horizon Aircraft has regained compliance with Nasdaq Listing Rule 5550(b), allowing its shares to remain listed on the Nasdaq Capital Market.
- The company has been granted an additional 180 days to comply with the Bid Price Rule (Listing Rule 5550(a)(2)), extending its timeline until July 14, 2025.
Potential Negatives
- The company is under continued scrutiny from Nasdaq, having previously been non-compliant with listing standards and now only temporarily regaining compliance with the Equity Standard.
- Horizon Aircraft has received an additional 180-day grace period to comply with the Bid Price Rule, suggesting ongoing concerns about its stock price performance.
- The press release highlights the need for potential additional capital to execute business plans, indicating financial vulnerability and uncertainty about access to necessary funds.
FAQ
What announcement did Horizon Aircraft make on January 27, 2025?
Horizon Aircraft announced that it has regained compliance with Nasdaq Listing Rule 5550(b) and its shares will remain listed.
How long does Horizon have to comply with the Bid Price Rule?
Horizon has until July 14, 2025, to obtain compliance with the Bid Price Rule.
What type of aircraft is Horizon Aircraft developing?
Horizon Aircraft is developing a hybrid electric Vertical Take-Off and Landing (eVTOL) aircraft.
What is unique about Horizon's aircraft design?
Horizon’s designs prioritize safety, performance, and operational utility while aiming for industry-leading speed and range.
Where can I find more information about Horizon Aircraft?
More information about Horizon Aircraft can be found on their official website at www.horizonaircraft.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$HOVR Insider Trading Activity
$HOVR insiders have traded $HOVR stock on the open market 5 times in the past 6 months. Of those trades, 0 have been purchases and 5 have been sales.
Here’s a breakdown of recent trading of $HOVR stock by insiders over the last 6 months:
- DUSTIN M SHINDO has made 0 purchases and 5 sales selling 186,079 shares for an estimated $147,840.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$HOVR Hedge Fund Activity
We have seen 3 institutional investors add shares of $HOVR stock to their portfolio, and 5 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- METEORA CAPITAL, LLC removed 528,554 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $244,244
- UBS GROUP AG removed 105,131 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $48,581
- VIRTU FINANCIAL LLC removed 27,498 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $12,706
- CAPITAL INVESTMENT ADVISORS, LLC added 25,807 shares (+inf%) to their portfolio in Q4 2024, for an estimated $29,161
- TUTTLE CAPITAL MANAGEMENT, LLC removed 12,000 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $13,559
- HRT FINANCIAL LP removed 8,422 shares (-13.0%) from their portfolio in Q3 2024, for an estimated $3,891
- TWO SIGMA SECURITIES, LLC added 1,345 shares (+9.4%) to their portfolio in Q3 2024, for an estimated $621
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
TORONTO, Ontario, Jan. 27, 2025 (GLOBE NEWSWIRE) -- New Horizon Aircraft Ltd. (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”), a leading hybrid electric Vertical Take-Off and Landing (“eVTOL”) aircraft developer, announced today that it has received written notice from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) that the Company has regained compliance with Listing Rule 5550(b), satisfying the Equity Standard in Listing Rule 5550(b)(1). As a result, the Company’s shares will remain listed on the Nasdaq Capital Market.
In addition, as it relates to Listing Rule 5550(a)(2) (the “Bid Price Rule”), the Staff has determined that the Company is eligible for an additional 180 calendar days, or until July 14, 2025, to obtain compliance.
About Horizon Aircraft
Horizon Aircraft (NASDAQ: HOVR) is an advanced aerospace engineering company that is developing one of the world’s first hybrid eVTOL aircraft that is expected to perform most missions similar to a traditional aircraft while offering industry-leading speed, range, and operational utility. Horizon’s unique designs put the mission first and prioritize safety, performance, and utility. Visit www.horizonaircraft.com for more information.
Forward-Looking Statements
The information in this press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “aim,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) changes in the markets in which Horizon competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Horizon will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) the ability of the parties to recognize the benefits of the business combination agreement and the business combination; (iv) the lack of useful financial information for an accurate estimate of future capital expenditures and future revenue; (v) statements regarding Horizon’s industry and market size; (vi) financial condition and performance of Horizon, including the anticipated benefits, the implied enterprise value, the expected financial impacts of the business combination, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Horizon; (vii) Horizon’s ability to develop, certify, and manufacture an aircraft that meets its performance expectations; (viii) successful completion of testing and certification of Horizon’s Cavorite X7 eVTOL; (ix) the targeted future production of Horizon’s Cavorite X7 aircraft; and (x) those factors discussed in our filings with the SEC. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the “Risk Factors” section of documents to be filed by New Horizon from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and while Horizon may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Horizon does not give any assurance that Horizon will achieve its expectations.
Contacts
Horizon Aircraft Inquiries (PR):
Phil Anderson
Phone: +44 (0)7767 491 519
[email protected]
Investor Contacts:
Shannon Devine and Rory Rumore
MZ Group
Phone: (203) 741-8841
[email protected]