M&A - New Horizon Aircraft Ltd.

Form Type: 10-Q

Filing Date: 2025-01-14

Corporate Action: Merger

Type: New

Accession Number: 000121390025003183

Filing Summary: New Horizon Aircraft Ltd. reported its quarterly financials for the period ending November 30, 2024. The financial statements reflect results following a merger with Robinson Aircraft Ltd. on January 12, 2024. The company's net income for the six months was reported at CAD 16,753,000, significantly improving from a loss of CAD 1,211,000 in the same period the previous year. The company's total current assets decreased to CAD 1,761,000 from CAD 4,664,000. Current liabilities also decreased from CAD 1,333,000 to CAD 639,000. As of January 13, 2025, there were approximately 31.2 million Class A ordinary shares issued and outstanding. Significant adjustments were made to fair value measurements related to warrants and a terminated Forward Purchase Agreement, resulting in notable financial gains. The report emphasizes ongoing research and development efforts for a hybrid-electric vertical takeoff and landing aircraft.