New Horizon Aircraft Faces Delisting Concerns
Ticker: HOVRW · Form: 8-K · Filed: Jul 23, 2024 · CIK: 1930021
Sentiment: bearish
Topics: delisting, listing-standards, regulatory-filing
TL;DR
Horizon Aircraft might get kicked off the exchange. Big trouble.
AI Summary
New Horizon Aircraft Ltd. filed an 8-K on July 23, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard. The company's former name was Pono Capital Three, Inc., and its fiscal year ends on May 31. The filing indicates a potential issue with its stock exchange listing.
Why It Matters
This filing signals potential financial distress or non-compliance with exchange rules, which could lead to significant stock price volatility and investor uncertainty.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's ability to trade on a public exchange, posing a severe risk to its operations and shareholder value.
Key Numbers
- 001-41607 — Commission File Number (Identifies the company's filing with the SEC.)
- 98-1786743 — IRS Employer Identification No. (Tax identification number for the company.)
Key Players & Entities
- New Horizon Aircraft Ltd. (company) — Registrant
- Pono Capital Three, Inc. (company) — Former company name
- July 19, 2024 (date) — Earliest event reported
- July 23, 2024 (date) — Filing date
- 3187 Highway 35, Lindsay, Ontario, K9V 4R1 (address) — Business and mailing address
FAQ
What specific listing rule or standard has New Horizon Aircraft Ltd. failed to satisfy?
The filing does not specify the exact rule or standard that has not been met, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the exact date of the event triggering this 8-K filing?
The date of the earliest event reported is July 19, 2024.
What was the company's previous name?
The company's former name was Pono Capital Three, Inc.
Where is New Horizon Aircraft Ltd. incorporated and what is its principal business address?
The company is incorporated in British Columbia and its principal business address is 3187 Highway 35, Lindsay, Ontario, K9V 4R1.
When does New Horizon Aircraft Ltd.'s fiscal year end?
The company's fiscal year ends on May 31.
Filing Stats: 994 words · 4 min read · ~3 pages · Grade level 13.9 · Accepted 2024-07-23 16:15:36
Key Financial Figures
- $11.50 — Ordinary Share at an exercise price of $11.50 per share HOVRW The Nasdaq Stock Ma
- $1.00 — ary shares had closed below the minimum $1.00 per share requirement for continued inc
Filing Documents
- ea0209872-8k_newhoriz.htm (8-K) — 41KB
- 0001213900-24-063591.txt ( ) — 257KB
- hovr-20240719.xsd (EX-101.SCH) — 4KB
- hovr-20240719_def.xml (EX-101.DEF) — 26KB
- hovr-20240719_lab.xml (EX-101.LAB) — 36KB
- hovr-20240719_pre.xml (EX-101.PRE) — 25KB
- ea0209872-8k_newhoriz_htm.xml (XML) — 6KB
From the Filing
UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 19, 2024 NEW HORIZON AIRCRAFT LTD. (Exact name of registrant as specified in its charter) British Columbia 001-41607 98-1786743 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 3187 Highway 35 , Lindsay , Ontario , K9V 4R1 (Address of principal executive offices, including zip code) Registrant's telephone number, including area code: ( 613 ) 866-1935 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Class A Ordinary Share, no par value HOVR The Nasdaq Stock Market LLC Warrants, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share HOVRW The Nasdaq Stock Market LLC Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On July 19, 2024, Nasdaq Stock Market LLC ("Nasdaq") notified New Horizon Aircraft Ltd. (the "Company") that for at least the last 30 consecutive business days, the bid price for the Company's Class A ordinary shares had closed below the minimum $1.00 per share requirement for continued inclusion on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Rule"). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until January 15, 2025, to regain compliance with the Bid Price Rule. If at any time before January 15, 2025, the bid price of the Company's Class A ordinary shares closes at $1.00 per share or more for a minimum of ten consecutive business days, Nasdaq will provide the Company with a written confirmation of compliance with the Bid Price Rule and the matter deemed closed. If the Company does not regain compliance with the Bid Price Rule by January 15, 2025, the Company may be eligible for an additional 180-day compliance period. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the Bid Price Rule, and would need to provide written notice of its intention to cure the bid price deficiency during the second compliance period, by effecting a reverse stock split, if necessary. If the Company does not regain compliance with the Bid Price Rule when required, Nasdaq will provide written notification to the Company that its Class A ordinary shares are subject to delisting. At that time, the Company may appeal the delisting determination to a Nasdaq hearings panel. The notice from Nasdaq has no immediate effect on the listing of the Company's Class A ordinary shares, and its Class A ordinary shares will continue to be listed on the Nasdaq Capital Market under the symbol "HOVR". The Company is currently evaluating its options for regaining compliance. While there can be no assurance that the Company will regain compliance with the Bid Price Rule, the Company expects to cure this deficiency within the 180 day period. Forward Looking Statements This Current Report contains forward-looking statements that involve risks and uncertainties intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of current or historical fact contained in this Current Report, including statements regarding the Company's expected timeline for compliance with the Bid Price Rule and its