Horizon Aircraft Went Public (NASDAQ: HOVR) and Completed LOI With JetSetGo for the Purchase of up to 100 Hybrid-eVTOL Aircraft Yesterday

Indian regional air operator JetSetGo’s intended purchase of as many as 100 of Horizon’s forthcoming Cavorite X5 aircraft is valued at up to $500 million.

(Lindsay, Ontario) After completing its business combination with special purpose acquisition company (SPAC) Pono Capital Three, Inc. on Friday, January 12th, hybrid-eVTOL Developer Robinson Aircraft Ltd., d/b/a Horizon Aircraft went public as New Horizon Aircraft, Ltd. (Horizon Aircraft) (NASDAQ: HOVR) yesterday, on January 16th; on the same day, Horizon inked a letter of intent (LOI) with Indian regional air operator JetSetGo for the purchase of as many of 100 of Horizon’s forthcoming Cavorite X5 aircraft.

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Photo of Horizon's forthcoming Cavorite X7 prototype via Global News.

On January 16th, shares of HOVR began trading on the NASDAQ at an opening price of $3.80; shares of Horizon closed today, on January 17th, at $2.41. Horizon’s deal with JetSetGo is worth up to $500 million.

"We are truly honoured by this commitment from JetSetGo, a leading private aviation operator with a shared vision of a more sustainable and efficient on-demand regional travel.” said Horizon’s Chief Executive Officer Brandon Robinson. “We are confident that our Cavorite X7 eVTOL will operate sustainably and profitably across India as well as many other global locations. As a hybrid electric aircraft, there is no need to install expensive charging support equipment across the travel network; it is a machine designed for challenging, real-world operations."

JetSetGo currently maintains a fleet of nine aircraft, including two Hawker 800XPs, a Challenger 604, two Falcon 2000s, a Bombardier Global 6000 and an Embraer ERJ-135LR airliner, according to the company’s website.

“This partnership will help JetSetGo profitably enter new markets by leveraging the versatility of the Cavorite platform to bring about the vision of Advanced Air Mobility in India,” said JetSetGo’s CEO and co-founder Kanika Tekriwal.

** Not investment advice; The FLY Report is not a registered investment advisor.

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