New Horizon Aircraft (NASDAQ: HOVR), doing business as Horizon
Aircraft (“Horizon Aircraft” or the “Company”), the advanced
aerospace engineering company and developer of eVTOL (electric
Vertical Take-Off and Landing) aircraft, publishes new global
research* that indicates fund managers that invest primarily in
small-cap and micro-cap stocks believe there will be an increased
level of exposure to small and micro-caps from both institutional
and retail investors over the year ahead.
The global study with small and micro-cap fund
managers in the US, Canada, Europe, the Middle East and Asia with
collectively $82.4 billion assets under management, found that 76%
of respondents anticipate the level of exposure to small and
micro-caps from institutional investors to increase over the next
six to 12 months. One in three (34%) fund managers believe
allocations could increase by 25% or more.
The findings also reveal that 83% of fund
manager respondents expect retail investors to increase their
allocation of small and micro-caps over the next six to 12 months.
Over half (52%) of respondents believe that the allocation could
increase by more than 25%, and one in eight (12%) believe that
exposure to small and micro-caps could rise by more than 50%.
One in three fund managers describe the current
level of exposure from institutional investors to both small- and
micro-caps as being underweight, with 21% of respondents describing
the allocation to micro-caps as being “slightly underweight” and
11% describing it as being “extremely underweight”. Institutional
investors’ current level of exposure to small-caps and micro-caps
is described as being overweight by 4% and 23%, respectively. A
similar picture is seen with retail investors, with fund managers
describing this group’s allocation to small-caps and micro-caps as
being underweight (32% and 27%, respectively) and as being
overweight (17% and 13%, respectively).
Brandon Robinson, CEO of Horizon
Aircraft, said: “Our research indicates that one third of
fund managers believe that exposure to small and micro-caps by both
institutional and retail investors is lower than it should be.
However, with forecasted interest rate cuts and market conditions
set to improve, fund managers are anticipating that investors will
be looking to significantly increase their allocation to small and
micro-cap stocks.
As the economy rebounds, small and micro-cap
companies can have a higher growth potential than large-cap
companies due to their smaller revenue bases and their agility to
capitalize on opportunities. This has historically made them more
attractive to investors who are driven by the potential for high
returns and greater earnings acceleration in the next 12
months.”
Horizon Aircraft’s Cavorite X7 aircraft will
have a gross weight of an estimated 5,500 lbs with a projected
useful load of 1,500 lbs. With an anticipated maximum speed of 250
miles per hour and an average range of over 500 miles with fuel
reserves, Horizon believes that this experimental aircraft, if
eventually licensed for commercial use, would be well-positioned to
excel in medical evacuation, critical supply delivery, disaster
relief, and special military missions. The Company believes that
the proposed aircraft would also be attractive for Regional Air
Mobility – moving people and cargo 50 to 500 miles.
Unlike many in its category, the Cavorite X7 is
being designed with a hybrid electric power system. The Company is
designing the Cavorite X7 such that it could, after its vertical
takeoff, re-charge its batteries enroute when it is flying in a
configuration like a traditional aircraft. After a vertical landing
and completion of a mission, the Company is designing the Cavorite
X7 to recharge its battery array in under 30 minutes to be ready
for its next mission.
Horizon believes that its innovative approach
and technology will allow the Cavorite X7 to fly 98% of its mission
in a very low-drag configuration like a traditional aircraft. The
Company believes that flying most of the time as a normal aircraft
is also safer and will make the aircraft easier to certify than
other radical new eVTOL designs. The Cavorite X7 is designed to be
powered by a hybrid electric system that will recharge the battery
array in-flight and post-flight, while also providing significant
system redundancy. The Company is continuing the testing of its
50%-scale aircraft that it believes will reduce technical risk
moving forward as it continues to develop its full-scale
aircraft.
Notes to Editors* Horizon
Aircraft commissioned the market research company PureProfile to
survey 100 small and micro-cap fund managers in the US, Canada,
Europe, the Middle East and Asia with collectively $82.4 billion
assets under management, to capture their views on the small and
micro-cap market. The survey was conducted online in July 2024.
About Horizon Aircraft
Horizon Aircraft (Nasdaq: HOVR) is an advanced
aerospace engineering company that is developing one of the world’s
first hybrid eVTOL that is to be able to fly most of its mission
exactly like a traditional aircraft while offering industry-leading
speed, range, and operational utility. Horizon’s unique designs put
the mission first and prioritize safety, performance, and utility.
Horizon hopes to successfully complete testing and certification of
its Cavorite X7 eVTOL quickly and then enter the market and service
a broad spectrum of early use cases. Visit www.horizonaircraft.com
for more information. Information on the Company’s website does not
constitute a part of and is not incorporated by reference into this
press release.
Forward-Looking Statements
The information in this press release contains
certain “forward-looking statements” within the meaning of the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements generally are
identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “aim,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result” and similar expressions, but
the absence of these words does not mean that a statement is not
forward-looking. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Actual results may differ from
their expectations, estimates and projections and consequently, you
should not rely on these forward-looking statements as predictions
of future events. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to: (i) changes in the markets
in which Horizon competes, including with respect to its
competitive landscape, technology evolution or regulatory changes;
(ii) the risk that Horizon will need to raise additional capital to
execute its business plans, which may not be available on
acceptable terms or at all; (iii) the ability of the parties to
recognize the benefits of the business combination agreement and
the business combination; (iv) the lack of useful financial
information for an accurate estimate of future capital expenditures
and future revenue; (v) statements regarding Horizon’s industry and
market size; (vi) financial condition and performance of Horizon,
including the anticipated benefits, the implied enterprise value,
the expected financial impacts of the business combination, the
financial condition, liquidity, results of operations, the
products, the expected future performance and market opportunities
of Horizon; (vii) Horizon’s ability to develop, certify, and
manufacture an aircraft that meets its performance expectations;
(viii) successful completion of testing and certification of
Horizon’s Cavorite X7 eVTOL; (ix) the targeted future production of
Horizon’s Cavorite X7 aircraft; and (x) those factors discussed in
our filings with the SEC. You should carefully consider the
foregoing factors and the other risks and uncertainties that will
be described in the “Risk Factors” section of our Annual Report on
Form 10-K filed with the SEC on March 28, 2024 and other documents
to be filed by New Horizon from time to time with the SEC. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward- looking
statements, and while Horizon may elect to update these
forward-looking statements at some point in the future, they assume
no obligation to update or revise these forward-looking statements,
whether as a result of new information, future events or otherwise,
unless required by applicable law. Horizon does not give any
assurance that Horizon will achieve its expectations.
ContactsHorizon Aircraft
Inquiries (PR):Phil AndersonPhone: +44 (0)7767 491
519Phil@perceptiona.com
Investor Contacts:Shannon Devine and Rory Rumore
MZ GroupPhone: (203) 741-8841HorizonAircraft@mzgroup.us
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