HOVR — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-07-16

• A rendering of Horizon’s full-scale demonstrator aircraft that is currently being built.

Text removed vs the prior filing · source: 10-K · 2025-08-22

• A picture of Horizon’s 50%-scale prototype that has successfully completed flight testing

Text added vs the prior filing · source: 10-K · 2026-07-16

• Additional funds may not be available when we need them on terms that are acceptable to us, or at all. If adequate funds are not available to us on a timely basis, we may be required to curtail or cease our operations. Raising additional funding through debt or equity financing is likely to be diffi…

Text removed vs the prior filing · source: 10-K · 2025-08-22

• Although we plan to have a formal cybersecurity committee organized by the Board, as well as third party security specialists on contract, there is no guarantee that this additional layer of corporate governance will be sufficient to mitigate the posed by motivated cybersecurity criminals.

• On July 19, 2024, Nasdaq notified us that for at least the last 30 consecutive business days, the bid price for the Company’s Class A ordinary shares had closed below the minimum $1.00 per share requirement for continued inclusion on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(…

• In accordance with Nasdaq Listing Rule 5810(c)(3)(A), we had a compliance period of 180 calendar days, or until January 15, 2025, to regain compliance with the Bid Price Rule. If at any time before January 15, 2025, the bid price of our Class A ordinary shares closed at $1.00 per share or more for a…

• On January 22, 2025, we received a written notification from Nasdaq indicating that the Staff determined that we had received an additional 180 calendar days, or until July 14, 2025, to regain compliance with the Bid Price Rule. On June 26, 2025, we received notice from Nasdaq informing us that we h…

• On August 28, 2024, we were notified by Nasdaq that we had failed to maintain a net income from continuing operations of USD $500,000 in our most recently completed fiscal year or in two of the last three of our most recently completed fiscal years required for continued listing under Nasdaq Listing…

Text added vs the prior filing · source: 10-K · 2026-07-16

• New Horizon Aircraft Ltd. (the “Company”, “Horizon”, “we,” “us” or “our”) is a British Columbia-based aerospace company headquartered in Lindsay, Ontario, focused on developing advanced hybrid-electric vertical takeoff and landing ("eVTOL") aircraft. Our mission is to expand regional air mobility by…

• Horizon’s flagship aircraft, the Cavorite X7, incorporates the Company’s patented fan-in-wing technology, enabling vertical takeoff and landing while preserving the performance characteristics of a conventional aircraft during cruise flight. The Cavorite X7 is being designed to serve a broad range o…

• Horizon has successfully completed flight testing of its large-scale prototype aircraft and is currently assembling a full-scale technical demonstrator, which is expected to begin flight testing in 2026 or 2027. The Company continues to advance engineering, certification planning, manufacturing part…

• Robinson Aircraft Ltd. (“Robinson”), Horizon’s operating subsidiary, was incorporated in 2013. The company initially focused on hybrid-electric amphibious aircraft before transitioning in 2018 to the development of its proprietary hybrid-electric eVTOL platform, which ultimately evolved into the Cav…

• Horizon's long-term business strategy is centered on the design, certification, and commercialization of the Cavorite X7, while leveraging strategic manufacturing partners and an established aerospace supply chain to efficiently scale production. In addition to aircraft sales, the Company believes i…

Text removed vs the prior filing · source: 10-K · 2025-08-22

• New Horizon Aircraft Ltd. (the “Company”, “Horizon”, “we,” “us” or “our”), a British Columbia corporation, with our headquarters located in Lindsay, Ontario, is an aerospace company. The Company is a former blank check company incorporated on March 11, 2022, under the name Pono Capital Three, Inc. (…

• On February 14, 2023, we consummated the Initial Public Offering (“IPO”). On January 12, 2024 (the “Closing date”), we consummated a merger (the “Merger”) with Pono Three Merger Acquisitions Corp., a British Columbia company (“Merger Sub”) and wholly-owned subsidiary of Pono, with and into Robinson …

• The Company’s objective is to significantly advance the benefits of sustainable air mobility. In connection with this objective, we have designed and developed a cost effective and energy efficient hybrid-electric vertical takeoff and landing (“eVTOL”) prototype aircraft for use in future regional a…

• Robinson was incorporated in 2013. Initially, the company was focused on development of a hybrid-electric amphibious aircraft, and in 2018 the Company pivoted to developing an innovative eVTOL concept that is identified as the Cavorite X7. The Company has built several small-scale prototypes includi…

• Horizon intends to sell these Cavorite X7 aircraft to third parties, air operators, lessors, individual consumers, and NATO military customers. The Company plans to manufacture its aircraft and license its patented fan-in-wing technology and other core innovations to other Original Equipment Manufac…