Aerospace Stock Gets Mid-Week Boost On Offering Close

An aerospace company based out of Ontario found a tremendous amount of success on Wednesday after the company announced it closed a previously announced underwritten public offering of (i) 2,8000,000 of its Class A ordinary shares, and accompanying warrants to purchase up to 2,800,000 of its Class A ordinary shares, and (ii) to certain investors, pre-funded warrants to purchase up to an aggregate of 3,000,000 Class A ordinary shares and accompanying warrants to purchase up to an aggregate of 3,000,000 Class A ordinary shares, according to a release.

While these events sometimes have a negative impact on the stock due to their dilutive nature, traders were quick to snatch up shares of New Horizon Aircraft Ltd. (Nasdaq:HOVR), with shares of this micro cap finishing out the day at $0.9639/share (+7.10%).

New Horizon Aircraft Ltd., doing business as Horizon Aircraft, is an aerospace engineering company. It is developing hybrid electric vertical takeoff and landing (eVTOL) aircraft. The company is based in Lindsay, Canada. New Horizon Aircraft Ltd. operates as a subsidiary of Astro Aerospace Ltd.

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