New Horizon Aircraft Shares Drop After Announcement of Dilutive Equity Sale
New Horizon Aircraft Ltd. (NASDAQ:HOVR) saw its stock fall 19.2% after disclosing a definitive agreement to sell 9,254,889 Class A Ordinary Shares in a dilutive offering expected to generate approximately $20 million in gross proceeds. The company said net proceeds will be used to accelerate its Cavorite X7 hybrid-electric Vertical Takeoff and Land…