Fubotv earnings beat by $0.10, revenue topped estimates
TORONTO - New Horizon Aircraft (NASDAQ:HOVR), a developer of hybrid electric vertical take-off and landing (eVTOL) aircraft, announced Thursday it has regained compliance with Nasdaq Capital Market’s minimum bid requirement under Listing Rule 5550(a)(2).
The aerospace engineering company received official notice from The Nasdaq Stock Market that the compliance matter is now closed, according to a company press release.
New Horizon Aircraft, which does business as Horizon Aircraft, is developing the Cavorite X7, a hybrid eVTOL aircraft designed to operate primarily like a conventional aircraft while offering vertical take-off and landing capabilities.
The company aims to complete testing and certification of its Cavorite X7 model before scaling production to meet anticipated demand from regional operators, emergency service providers, and military customers.
Horizon Aircraft trades on the Nasdaq Capital Market under the ticker symbol HOVR.
In other recent news, Horizon Aircraft has announced a strategic partnership with MT-Propeller to supply propellers for its Cavorite X7 hybrid eVTOL aircraft. This agreement marks Horizon’s first major hardware commitment as it transitions from prototype development to manufacturing. The partnership is expected to enhance the aircraft’s speed and efficiency while reducing noise. Horizon Aircraft has also achieved a significant technical milestone with the successful full wing transition of its Cavorite X7 prototype, a crucial step in developing its hybrid electric aircraft. This progress highlights the company’s focus on operational and technological advancements in the emerging eVTOL market.
Additionally, Oak Ridge Financial has initiated coverage on Horizon Aircraft with a Buy rating and a price target of $2.35, reflecting confidence in the company’s potential. The firm used a 3.00x EV/Sales metric for its fiscal year 2030 estimate, aligning with valuation methods in the advanced air mobility sector. Horizon Aircraft is currently in the design phase of its commercial aircraft, which will have seven seats and the capability to take off and land vertically. These developments position Horizon Aircraft as a significant player in the growing advanced air mobility industry.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.