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TORONTO – Horizon Aircraft, a developer of hybrid electric Vertical TakeOff and Landing (eVTOL) aircraft, along with Pono Capital Three, Inc., a special purpose acquisition company, have announced the completion of their business combination. Starting Tuesday, January 16, 2024, Horizon Aircraft will trade on the Nasdaq Stock Exchange under the ticker symbols HOVR for common shares and HOVRW for warrants.

The newly formed entity, operating as New Horizon Aircraft, Ltd., will continue under the leadership of founder and CEO Brandon Robinson, alongside the existing management team. Robinson expressed pride in reaching this milestone, which he anticipates will accelerate the company’s growth and development of the Cavorite X7, Horizon’s practical hybrid eVTOL aircraft.

Horizon Aircraft aims to be a pioneer in the aerospace sector with its Cavorite X7, designed for safety, performance, and utility. The company’s focus is on completing testing and certification swiftly to cater to a wide range of early use cases.

Nelson Mullins Riley & Scarborough LLP and Fang and Associates provided legal counsel to Pono, while Dorsey & Whitney LLP and Gowling WLG (Canada) LLP advised Horizon Aircraft. EF Hutton LLC and Roth Capital Partners acted as Capital Markets Advisors in the transaction.

This news is based on a press release statement and includes forward-looking statements subject to risks and uncertainties.

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