SoFi CEO enters prepaid forward contract on 1.5 million shares
Eric Brandon Robinson, Chief Executive Officer of New Horizon Aircraft Ltd (HOVR:HOVR), sold 250,000 shares of Class A Ordinary Shares on July 2, 2025, according to a Form 4 filing with the Securities and Exchange Commission. The shares were sold at a weighted average price of $1.754, realizing a total of $438,500. The sale comes as HOVR’s stock has experienced a 10% decline over the past week, though it maintains an impressive 202% gain over the past year. The company, currently valued at approximately $50 million, trades at a P/E ratio of 1.49.
The transactions occurred in multiple sales at prices ranging from $1.750 to $1.781, inclusive. Following the transaction, Robinson directly holds 106,342 shares and indirectly holds 2,067,510 shares through Robinson Family Ventures Inc. InvestingPro analysis reveals 17 additional investment tips and key metrics that could help investors better understand HOVR’s potential ahead of its upcoming earnings report on July 30, 2025.
The reporting person had no economic interest in the shares sold in the transaction reported by this form and such shares were the sole property of Brian Robinson, a director of Robinson Family Ventures Inc., at the time of sale.
In other recent news, Horizon Aircraft has made significant strides in its development and operational plans. The company has regained compliance with Nasdaq Capital Market’s minimum bid requirement, closing a compliance matter that had been pending. In a strategic move, Horizon Aircraft announced a partnership with MT-Propeller to supply propellers for its Cavorite X7 aircraft, marking its first major hardware commitment as it transitions to manufacturing. This partnership aims to enhance the aircraft’s speed and efficiency while reducing noise. Oak Ridge Financial has initiated coverage on Horizon Aircraft with a Buy rating and set a price target of $2.35, reflecting confidence in the company’s future prospects in the Advanced Air Mobility market.
Additionally, Horizon Aircraft achieved a significant technical milestone by completing a full wing transition of its Cavorite X7 prototype, showcasing its potential in the eVTOL sector. This development is supported by the company’s patented fan-in-wing technology, which is crucial for the aircraft’s hybrid electric design. Horizon Aircraft is now focusing on the design phase of its commercial aircraft, the Cavorite X7, which will feature seven seats and vertical takeoff and landing capabilities. The company aims to complete testing and certification of the Cavorite X7 to meet anticipated demand from various sectors, including regional operators and emergency service providers.
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