New Horizon Aircraft Announces $2.9 Million Pricing for Public Offering Page 1

TORONTO, August 20, 2024 (GLOBE NEWSWIRE) — New Horizon Aircraft (NASDAQ: HOVR), Horizon Aircraft, Inc. doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”), an advanced aerospace technology company and developer of hybrid eVTOL (electric Vertical Take-Off and Landing) aircraft, today announced the pricing of an underwritten public offering of (i) 2,800,000 of its Class A common stock, without par value per share, and related warrants to purchase up to an additional 2,800,000 of its Class A common stock, and (ii) to certain investors, pre-funded warrants to purchase up to an aggregate of 3,000,000 shares of Class A common stock and related warrants to purchase up to an aggregate of 3,000,000 shares of Class A common stock. Each share of Class A common stock and related warrant are being sold together at a combined public offering price of $0.50, and each pre-funded warrant and related warrant are being sold together at a combined public offering price of $0.50. Each Warrant has an exercise price of $0.75 per share, is exercisable immediately upon issuance and expires five years from the date of issuance. Each pre-funded Warrant has an exercise price of $0.00001 per share and is exercisable immediately following the original issuance date until the pre-funded Warrant is exercised in full. The gross proceeds to Horizon Aircraft from the offering, before deducting underwriting discounts and other offering expenses, are expected to be approximately $2.9 million, assuming no Warrants are exercised, and up to approximately $7.25 million, assuming the Warrants are exercised in full for cash. The offering is expected to close on August 21, 2024, subject to customary closing conditions.

EF Hutton LLC (“EF Hutton”) is acting as sole book-running manager for the offering. Nelson Mullins Riley & Scarborough LLP is acting as legal counsel to the company, Sichenzia Ross Ference Carmel LLP is acting as legal counsel to EF Hutton.

The offering is being made pursuant to the Company’s registration statement on Form S-1 (File No. 333-280086) previously filed with the Securities and Exchange Commission (“SEC”) and declared effective by the SEC on August 19, 2024. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus relating to this offering, when available, may be obtained from EF Hutton LLC 590 Madison Avenue, 39th Floor, New York, NY 10022, Attn. Syndicate Department, or by email at [email protected] or by telephone at (212) 404-7002.