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Dustin M. Shindo, the former 10% owner of New Horizon Aircraft Ltd. (NASDAQ:HOVR), has sold a significant portion of his holdings in the company. According to a recent SEC filing, Shindo disposed of a total of 166,770 Class A Ordinary Shares in a series of transactions between February 12 and February 26, 2025. The sales were executed at prices ranging from $0.47 to $0.59 per share, amounting to a total transaction value of $116,907. The sales come as HOVR’s stock has declined nearly 58% over the past year, with the company currently valued at $15.6 million. InvestingPro analysis shows the stock trading near its Fair Value, with 15+ additional insights available to subscribers.
Following these transactions, Shindo holds 1,308,793 shares directly. Additionally, through Mehana Capital LLC, an entity he controls, Shindo indirectly holds 1,242,125 shares. The report notes that Shindo disclaims beneficial ownership of these indirectly held shares except to the extent of his pecuniary interest.
These transactions highlight Shindo’s ongoing adjustments to his investment in New Horizon Aircraft, a company known for its innovations in the aircraft manufacturing industry.
In other recent news, New Horizon Aircraft Ltd. has received shareholder approval for a significant conversion proposal involving Series A preferred shares and the issuance of Class A ordinary shares. This development aligns with Nasdaq Listing Rule 5635 and marks a pivotal step in the company’s capital structure strategy. Meanwhile, Horizon Aircraft has announced the appointment of John Wyzykowski, formerly of Lilium, as a Technical Expert to bolster its Cavorite X7 eVTOL propulsion systems. His extensive background in aerospace propulsion is expected to enhance the company’s engineering capabilities. Additionally, Horizon Aircraft has retained its Nasdaq listing status by complying with the Equity Standard and has been granted an extension to meet the Bid Price Rule. This extension allows the company to adjust its share price to comply with Nasdaq’s requirements. New Horizon Aircraft also disclosed its efforts to regain Nasdaq compliance, addressing shortfalls in net income and other financial benchmarks. As part of these efforts, the company closed a financing round, yielding net proceeds of approximately USD $6.0 million, to improve its financial standing. Lastly, New Horizon Aircraft has amended its financing agreements with key investors, introducing an Exchange Cap to align with Nasdaq regulations, pending shareholder approval.
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