Horizon Says New SPAC Deal Will Fund Development of New Cavorite X7 eVTOL Demonstrator
After combining with Cayman Islands-based special purpose acquisition company Pono Capital Three, Horizon Aircraft will be reincorporated in British Columbia.
Horizon Aircraft has embarked on a new bid to raise further funding for eVTOL vehicle development through a business combination with special purpose acquisition company Pono Capital Three. Announcing the move, the Canadian company confirmed it is now working on a Cavorite X7 technology demonstrator that is larger than the earlier X5 design, with the capacity to carry a pilot and six passengers and with a useful load of around 1,500 pounds.
Pono Capital Three is currently incorporated in the Cayman Islands. On completion of the business merger, the combined Horizon Aircraft entity would be established as a Canadian company based in British Columbia and with shares traded on New York’s Nasdaq stock exchange.
