TORONTO - Horizon Aircraft, an aerospace engineering firm listed on NASDAQ: HOVR, announced the appointment of Tom Brassington as its new Chief Technology Officer, effective at the end of October 2024. Brassington, a seasoned professional with 17 years of experience in aerospace systems engineering, previously served as Head of System Design Engineering at Lilium, a prominent eVTOL developer.
Brassington's expertise is expected to advance Horizon Aircraft's engineering capabilities, particularly in the development and certification of the Cavorite X7, a seven-seat hybrid electric eVTOL designed for various sectors including medevac, business aviation, and commercial cargo.
CEO Brandon Robinson expressed confidence in Brassington's ability to contribute to the company's growth, highlighting his firsthand experience with the challenges of eVTOL aircraft development and certification. Brassington himself remarked on the eVTOL sector's competitiveness and Horizon Aircraft's potential for success due to its operational focus, realistic concept, and experienced team.
The Cavorite X7, with an estimated gross weight of 5,500 lbs and a useful load of 1,500 lbs, is projected to reach speeds of up to 250 miles per hour with a range of over 500 miles. It is designed to fly 98% of its mission like a traditional aircraft, offering a low-drag configuration for safer and easier certification. The hybrid electric system will enable in-flight and post-flight battery recharging, aiming for a turnaround time of under 30 minutes.
Horizon is currently testing a 50%-scale model of the Cavorite X7 to reduce technical risks as it progresses towards the development of a full-scale aircraft.
The company's forward-looking statements indicate its belief that the Cavorite X7, once licensed for commercial use, could excel in various missions, including medical evacuation and regional air mobility. However, these statements are subject to risks and uncertainties, and actual results may vary.
This news is based on a press release statement from Horizon Aircraft.
In other recent news, New Horizon Aircraft, an aerospace engineering company, has set terms for a public offering expected to yield approximately $2.9 million. The offering includes 2.8 million Class A ordinary shares, warrants, and pre-funded warrants to purchase additional shares. The offering is scheduled to close subject to the satisfaction of customary closing conditions, with EF Hutton LLC serving as the sole book-running manager.
Simultaneously, the company is facing potential delisting from Nasdaq due to non-compliance with the minimum bid price requirement. It has been given until January 15, 2025, to meet the criterion of a share price closing at $1.00 or higher for at least ten consecutive business days.
In the midst of these developments, New Horizon Aircraft has reported significant progress in its eVTOL prototype testing. The company's large-scale prototype is nearing full transition to forward flight, with a key achievement being the validation of a patent-pending yaw control system. The production of full-scale propulsion units has also begun, marking an important step towards constructing the full-scale prototype aircraft. The Cavorite X7 eVTOL design is on track for completion and testing by 2026. These are the recent developments concerning New Horizon Aircraft.
InvestingPro Insights
As Horizon Aircraft (NASDAQ: HOVR) appoints Tom Brassington as its new Chief Technology Officer, the company's financial health and market performance become crucial factors for investors to consider. With a market capitalization of 16.75 million USD, Horizon Aircraft is a smaller player in the aerospace sector, which often brings a higher risk-reward ratio for investors.
Despite the recent positive news, an InvestingPro Tip highlights that HOVR has been quickly burning through cash. This is a critical factor for investors to monitor, especially in the capital-intensive aerospace industry where research and development costs can be substantial. Moreover, the company does not pay dividends, suggesting that it is reinvesting all available funds back into its operations and development projects, such as the Cavorite X7.
On the positive side, another InvestingPro Tip indicates that Horizon Aircraft has seen a significant return over the last week, with a price total return of 22.95%. This might reflect investor optimism following the appointment of Brassington and his expected contributions to the Cavorite X7 project. Additionally, the company's liquid assets exceed its short-term obligations, providing some financial flexibility in the near term.
For those considering an investment in Horizon Aircraft, the InvestingPro platform lists additional tips that could further inform their decision-making process. Currently, there are 12 more InvestingPro Tips available that provide deeper insights into the company's performance and outlook.
Investors can also note the InvestingPro Fair Value estimation for HOVR, which currently stands at 0.58 USD, providing a reference point for evaluating the stock's current price.
As Horizon Aircraft continues to develop its Cavorite X7 eVTOL, these financial metrics and insights will be important for stakeholders to keep an eye on, alongside the company's technological advancements and market position.
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