Common Stock

12 Months Ended

May 31, 2026

Class of Stock Disclosures [Abstract]

NOTE 6. Common Stock

The Company’s common stock and warrants trade on the NASDAQ stock exchange under the symbol “HOVR” and “HOVRW”, respectively. Pursuant to the terms of the Company’s Articles and Notice of Articles, the Company is authorized to issue the following shares and classes of capital stock, each with no par value: (i) an unlimited number of Class A ordinary shares; and (ii) an unlimited number of Class B ordinary shares. The holder of each Class A ordinary share is entitled to one vote.

Registered Securities Offering

On August 21, 2024, the Company completed a registered securities offering (“RSO”) by issuing 2,800,000 Class A ordinary shares, 3,000,000 Pre-Funded Warrants (“PFW’s”), and 5,800,000 General Warrants. The proceeds received by the Company are summarized below:

Gross Proceeds - Class A Shares	$	1,906
Gross Proceeds - PFW’s		2,041
Gross Proceeds - Warrant Exercises		2,787
Direct costs		(510	)
Net Proceeds	$	6,224

PFW’s may be exercised by warrant holders at any time at a nominal exercise price as they were funded in connection with the RSO. Upon exercise, each PFW may be exchanged for one Class A ordinary share. All 3 million PFW’s were exercised during the year-ended May 31, 2025.

During the year-ended May 31, 2026, warrant holders exercised 3,200,000 (May 31, 2025 - 2,590,000) warrants in exchange for 3,200,000 (May 31, 2025 - 2,590,000) Class A ordinary shares for proceeds of $3,280 (May 31, 2025 - $2,787).

Registered Direct Offering I

On May 8, 2026, the Company completed a registered direct offering (“RDO I”) by issuing 9,254,889 Class A ordinary shares. There were 277,647 warrants issued to the placement agent to purchase an equivalent number of Class A ordinary shares at an exercise price of $USD 2.47. Proceeds received by the Company in connection with RDO I are summarized below:

Gross Proceeds - Class A ordinary shares	$	27,232
Direct costs	$	(2,196	)
Net Proceeds	$	25,036
Placement warrants allocated to additional paid-in capital	$	694
Class A ordinary shares	$	24,342

RDO I Warrants

In connection with the Company’s RDO I on May 8, 2026, there were 277,647 warrants issued, of which all remain outstanding as of May 31, 2026. These warrants were classified as equity and are recorded as a component of additional paid-in capital on the consolidated balance sheets. The Company used the Black-Scholes model to value these warrants with the following assumptions:

	May 8, 2026
Redemption Price (USD)	$	2.47
Stock Price (USD)	$	2.39
Volatility		101	%
Term (years)		5
Risk-free rate		4.35	%

Registered Direct Offering II

On May 27, 2026, the Company completed a second registered direct offering (“RDO II”) by issuing 5,385,646 Class A ordinary shares and 4,574,514 PFW’s, of which 2,160,897 remain outstanding as of May 31, 2026. There were 298,805 RDO II Warrants issued to the placement agent to purchase an equivalent number of Class A ordinary shares at an exercise price of $USD 2.89. Proceeds received by the Company are summarized below:

Gross Proceeds - Class A ordinary shares	$	18,697
Gross Proceeds - PFW’s	$	15,874
Gross Proceeds - PFW Exercises	$	3
Direct costs	$	(2,611	)
Net Proceeds	$	31,963
Placement warrants allocated to additional paid-in capital	$	872
PFW’s allocated to additional paid-in capital	$	14,675
Class A ordinary shares	$	16,416

PFW’s may be exercised by warrant holders at any time at a nominal exercise price as they were funded in connection with RDO II. Upon exercise, each PFW may be exchanged for one Class A ordinary share. During the year-ended May 31, 2026, 2,413,617 PFW’s were exercised. The Class A ordinary shares related to these exercised PFW’s were not yet issued as of May 31, 2026, and are classified as Class A ordinary shares to be issued in the Company’s consolidated balance sheets. The remainder of these PFW’s were exercised on July 14, 2026, with the corresponding Class A ordinary shares issued on the same date.

RDO II Warrants

In connection with the Company’s RDO II on May 27, 2026, there were 298,805 warrants issued, of which all remain outstanding as of May 31, 2026. These warrants were classified as equity and are recorded as a component of additional paid-in capital on the consolidated balance sheets. The Company used the Black-Scholes model to value these warrants with the following assumptions:

	May 27, 2026
Redemption Price (USD)	$	2.89
Stock Price (USD)	$	2.76
Volatility		101	%
Term (years)		5
Risk-free rate		4.56	%

Warrants Summary

A summary of warrant activity for the Company excluding the PFW’s is as follows:

	Number of Warrants			Weighted Average Exercise Price ($USD)		Weighted Average Remaining Contractual Life (years)		Aggregate Intrinsic Value ($USD)
Outstanding warrants May 31, 2024		12,065,375		$	11.50		4.0	$	—
Issued		8,800,000		$	0.49		4.3		—
Exercised		(5,590,000	)	$	0.35		4.7		—
Outstanding warrants, May 31, 2025		15,275,375		$	9.24		3.7	$	955
Issued		576,452		$	2.69		5.0	$	137
Exercised		(3,200,000	)	$	0.75		3.7	$	3,555
Outstanding warrants May 31, 2026		12,651,827		$	11.09		2.8	$	159

Preferred Shares

On December 18, 2024, the Company entered into subscription agreements with a third-party investor pursuant to which the Company issued an aggregate of 4,166,667 Class A ordinary shares of the Company at a price of $USD 0.36 per share, and an aggregate of 4,500 Series A preferred shares of the Company at a price of $USD 1,000 per share. The financing closed on December 19, 2024.

The Series A Preferred Shares are convertible, at the option of the holder and without additional consideration, into Class A ordinary Shares on a one for 2222.222222 basis. The proceeds received by the Company are summarized below:

Gross Proceeds - Class A Shares	$	2,100
Gross Proceeds - Preferred Shares		6,300
Direct costs		(41	)
Net Proceeds	$	8,359

At-the-Market Program

In March 2025 the Company filed a shelf registration statement on Form S-3 with the SEC and a related prospectus pursuant to which it may, from time to time, sell shares of its Class A ordinary shares, having an aggregate value of up to $USD 6.25 million, pursuant to a Capital on Demand™ Sales Agreement (the “Sales Agreement”) with a placement agent for the sale of its Class A ordinary shares.

On June 27, 2025, we filed a prospectus supplement to increase the maximum aggregate offering price of the Class A ordinary shares issuable under the Sales Agreement to up to an additional aggregate $USD 16.5 million of Class A ordinary shares. On October 31, 2025, the Company filed a prospectus supplement to increase the maximum aggregate offering price of the Class A ordinary shares issuable under the Sales Agreement to $USD 50 million of Class A ordinary shares. On May 26, 2026, the Company filed a prospectus supplement to decrease the maximum aggregate offering price of the Class A ordinary shares issuable under the Sales Agreement to $USD 28 million of Class A ordinary shares.

During the year-ended May 31, 2026, the Company sold 9,037,738 (May 31, 2025 – 940,562) Class A ordinary shares under the Sales Agreement for net proceeds of $27.9 million (May 31, 2025 - $880). As of May 31, 2026, the Company had $USD 6.6 million remaining eligible for sales under the Sales Agreement.

- Definition

The entire disclosure for equity.

+ References

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+ Details

New Horizon Aircraft Ltd. 10-K