~ Horizon Aircraft Common Stock to Trade on Nasdaq Under Ticker "HOVR" ~
, (GLOBE NEWSWIRE) -- , doing business as Horizon Aircraft ("Horizon Aircraft" or the "Company"), a hybrid electric Vertical TakeOff and Landing ("eVTOL") aircraft developer, and ("Pono"), a special purpose acquisition company, today announced the completion of the previously announced business combination. Beginning , the combined company will operate as ("Horizon Aircraft") and the common shares and warrants will trade on the under the ticker symbols "HOVR" and "HOVRW", respectively.
, Founder, Chief Executive Officer and Chairman of the , and the current management team including Jason O'Neill, Chief Operating Officer, , Chief Engineer, and , Chief Financial Officer, will continue to lead Horizon Aircraft.
, Chief Executive Officer of Horizon Aircraft, commented, "I am proud and honored by Horizon Aircraft's achievement of this significant milestone as we embark on our journey as a publicly traded company. This evolution will serve as a catalyst to accelerate our growth by providing the resources to continue the development and testing of our practical, real world use hybrid eVTOL, the Cavorite X7. We are thankful for the Pono team's continued collaboration, support, and conviction throughout the transaction process."
, CEO of Pono, added, "The Pono team is excited to have successfully completed this business combination with Horizon Aircraft. We are eager to see Brandon and the Horizon Aircraft team successfully execute their long-term operational and strategic objectives, building value for shareholders and stakeholders alike as they continue to develop a differentiated aircraft that will become dominant in the advanced air mobility space."
About Horizon Aircraft
Horizon Aircraft 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 normal 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.
About
Pono is a special purpose acquisition company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. Pono's units started trading on the Nasdaq Global Market on , under the ticker symbol "PTHRU." The Class A common stock trades under the symbol "PTHR" and the warrants under the symbol "PTHRW," respectively.
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 with respect to the proposed...
