8-K: Horizon Aircraft Completes Merger with Pono Capital Three, Inc., Begins Trading on Nasdaq

Horizon Aircraft, a hybrid electric eVTOL developer, has completed its business combination with Pono Capital Three, Inc., and will begin trading on Nasdaq under the ticker HOVR on January 16, 2024.

Summary

• Horizon Aircraft, a developer of hybrid electric Vertical TakeOff and Landing (eVTOL) aircraft, has finalized its merger with Pono Capital Three, Inc., a special purpose acquisition company.
• The combined entity will operate as New Horizon Aircraft, Ltd., and its common shares and warrants will be listed on the Nasdaq Stock Exchange under the symbols HOVR and HOVRW, respectively, starting January 16, 2024.
• The existing management team of Horizon Aircraft, including CEO Brandon Robinson, will continue to lead the company.
• Horizon Aircraft is focused on developing the Cavorite X7 eVTOL, which is designed to fly like a normal aircraft while offering enhanced speed, range, and operational utility.
• The company aims to complete testing and certification of the Cavorite X7 quickly to enter the market.

Sentiment

Score: 8

Explanation: The document conveys a positive sentiment due to the successful completion of the merger and the company's plans for future growth. However, there are also risks mentioned, which temper the overall optimism.

Positives

• The merger provides Horizon Aircraft with the resources to accelerate the development and testing of its Cavorite X7 eVTOL.
• Becoming a publicly traded company will provide access to capital markets.
• The company's unique design prioritizes safety, performance, and utility.
• The Cavorite X7 is designed to fly like a normal aircraft while offering enhanced speed and range.

Risks

• The company may need to raise additional capital to execute its business plans.
• There are risks associated with the development, certification, and manufacturing of the Cavorite X7.
• The company faces competition in the advanced air mobility space.
• There is a risk that the company may not achieve its performance expectations.
• The company's future financial performance is uncertain.

Future Outlook

Horizon Aircraft aims to complete testing and certification of its Cavorite X7 eVTOL quickly and then enter the market and service a broad spectrum of early use cases. The company expects to build value for shareholders and stakeholders as they continue to develop a differentiated aircraft.

Management Comments

• Brandon Robinson, CEO of Horizon Aircraft, stated he is proud and honored by the achievement of becoming a publicly traded company.
• Brandon Robinson believes this will serve as a catalyst to accelerate growth by providing resources for development and testing of the Cavorite X7.
• Davin Kazama, CEO of Pono, is excited to have completed the business combination and is eager to see Horizon Aircraft execute its long-term objectives.

Industry Context

This announcement highlights the growing interest and investment in the advanced air mobility sector, particularly in eVTOL technology. The merger allows Horizon Aircraft to access public markets and accelerate its development plans, positioning it to compete with other companies in this emerging industry.

Comparison to Industry Standards

• The eVTOL market is highly competitive, with companies like Joby Aviation, Archer Aviation, and Lilium also developing electric aircraft for urban air mobility.
• Horizon Aircraft's focus on a hybrid design that can fly like a normal aircraft is a differentiator compared to some competitors that are focused on pure electric designs.
• The company's stated goal of prioritizing safety, performance, and utility aligns with industry best practices.
• The success of Horizon Aircraft will depend on its ability to achieve certification and commercialize its technology in a timely and cost-effective manner, similar to the challenges faced by other eVTOL developers.

Stakeholder Impact

• Shareholders will now have the opportunity to invest in a publicly traded company focused on eVTOL technology.
• Employees will continue to work under the existing management team.
• Customers and suppliers will be impacted by the company's future success in the eVTOL market.
• Creditors will be impacted by the company's financial performance.

Next Steps

• The company will begin trading on the Nasdaq on January 16, 2024.
• Horizon Aircraft will continue the development and testing of its Cavorite X7 eVTOL.
• The company will work towards completing testing and certification of the Cavorite X7.

Key Dates

Keywords

eVTOL, Horizon Aircraft, Pono Capital Three, Merger, Nasdaq, HOVR, Aviation, Aerospace, SPAC, Cavorite X7