New Horizon Aircraft (NASDAQ:HOVR) Corp is a special purpose acquisition company incorporated in Delaware that focuses on mergers and acquisitions within the global aviation industry. As a blank‐check vehicle, the company’s primary objective is to identify, acquire, and merge with established or high‐growth businesses operating in aircraft manufacturing, maintenance, repair and overhaul (MRO), fixed‐base operations, business jet charter and other complementary aerospace services.
In September 2021, New Horizon Aircraft completed its initial public offering, issuing 20 million units and raising approximately $200 million in gross proceeds. Each unit comprises one ordinary share and one‐half of one warrant, and the proceeds from the offering are held in a trust account until deployment in a qualifying business combination. The company typically has a two‐year window, with the possibility of extensions, to consummate a merger or acquisition.
The management team and sponsor group bring more than 75 years of combined experience in aviation operations, corporate finance and business management. Leveraging this industry expertise, New Horizon Aircraft seeks to partner with target companies that can benefit from strategic capital allocation, operational enhancements and access to broader markets. The SPAC structure is designed to streamline the process for private aviation enterprises to access public capital and scale their operations.
Headquartered in the United States, New Horizon Aircraft evaluates opportunities across North America, Europe and key growth regions in Asia and the Middle East. The company’s leadership team, comprised of aviation industry veterans and seasoned corporate financiers, is committed to building a diversified aviation platform that delivers long‐term shareholder value through disciplined deal sourcing, rigorous due diligence and active post‐combination management.
