New Horizon Aircraft Ltd. (HOVR) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 27, 2026

Risk Assessment Details

Potential Dilution: 159.85% of current shares
Recent Dilution: 134.92% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
42M
Potential Supply
67M
Additional shares possible
Splits
None
Past 2 years

Summary

HOVR currently has 42.1M outstanding shares. with significant dilution risk as 67.3M authorized shares could dilute existing holders by 159.8%. The company has significantly diluted shareholders by 134.92% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 27, 2026

8-K filing: New Horizon Aircraft Ltd. entered into a registered direct offering for the issuance of 5,385,646 common shares and pre-funded warrants to purchase 4,574,514 common shares for aggregate gross proceeds of approximately $25.0 million. ($25.0M proceeds)

42M 67M
Jan 14, 2026

10-Q filing | 42.1M shares outstanding

42M 67M
Aug 22, 2025

10-K filing | 39.2M shares outstanding

39M 67M
Apr 14, 2025

10-Q filing | 29.5M shares outstanding

29M 67M
Mar 28, 2025

S-3 filing: New Horizon Aircraft Ltd. is filing an S-3 to offer common shares, warrants, and preferred shares.

31M 67M
Mar 17, 2025

S-3/A filing: New Horizon Aircraft Ltd. files an S-3/A to offer common shares, preferred shares, and debt securities up to an aggregate initial offering price of $75,000,000.

31M 23M
Feb 14, 2025

S-3 filing: New Horizon Aircraft Ltd. files an S-3 to offer common shares, preferred shares, and debt securities up to an aggregate amount of $75,000,000.

31M 12M
Jan 14, 2025

10-Q filing | 31.2M shares outstanding

31M 12M
Jan 13, 2025

8-K filing: New Horizon Aircraft Ltd. completed a financing with Canso Investment Counsel Ltd., Canso Select Opportunities Corporation, and GRIP Investments Limited, issuing 4,166,667 Class A ordinary shares at $0.36 per share and 4,500 Series A preferred shares at $1,000 per share, convertible into Common Shares on a one for 2222.222222 basis, with an amendment added to prohibit the issuance of Common Shares that would breach Nasdaq Listing Rule 5635 prior to obtaining shareholder approval. ($6.0M proceeds)

25M 12M
Dec 20, 2024

8-K filing: New Horizon Aircraft Ltd. entered into subscription agreements with Canso Investment Counsel Ltd., Canso Select Opportunities Corporation, and GRIP Investments Limited to sell 4,166,667 Class A ordinary shares at $0.36 per share and 4,500 Series A preferred shares at $1,000 per share; filed a Notice of Alteration to alter the Authorized Share Structure and Articles to create preferred shares. ($6.0M proceeds)

25M 12M
Nov 07, 2024

8-K filing: New Horizon Aircraft Ltd. terminated the OTC Equity Prepaid Forward Transaction with Meteora Capital Partners, LP, Meteora Select Trading Opportunities Master, LP, and Meteora Strategic Capital, LLC, effective November 1, 2024, by entering into a mutual termination agreement. As consideration, the company will pay a $200,000 termination fee and issue 200,000 Class A ordinary shares if a resale registration statement is filed within 24 months.

25M 12M
Oct 10, 2024

10-Q filing | 24.6M shares outstanding

25M 12M
Oct 01, 2024

POS AM filing: This POS AM filing relates to an offering of common shares issuable upon the exercise of warrants and common shares and warrants offered by selling securityholders.

24M 12M
Aug 20, 2024

8-K filing: New Horizon Aircraft Ltd. entered into an underwriting agreement with EF Hutton LLC for a firm commitment underwritten public offering of 5,800,000 units at $0.50 per unit, consisting of common shares or pre-funded warrants and warrants to purchase common shares. ($7.25M proceeds)

24M 39M
Aug 15, 2024

10-K filing | 18.6M shares outstanding

19M 39M
Aug 15, 2024

S-1/A filing: New Horizon Aircraft Ltd. is offering 5,737,704 common shares, along with pre-funded warrants and warrants, with the net proceeds to be used for working capital and general corporate purposes.

24M 39M
Jun 24, 2024

S-1/A filing: New Horizon Aircraft Ltd. proposes to issue and sell Common Shares, Pre-Funded Warrants to purchase Common Shares, and Warrants to purchase Common Shares through an underwriting agreement with EF Hutton LLC, with the net proceeds of approximately $3.3 million intended for working capital and general corporate purposes.

23M 32M
Jun 10, 2024

S-1 filing: New Horizon Aircraft Ltd. is offering common shares and warrants, with each share sold together with a warrant to purchase one common share. The warrants will be immediately exercisable and expire five years from the issuance date.

18M 27M
Apr 29, 2024

S-1/A filing: New Horizon Aircraft Ltd. is offering 15,443,305 common shares issuable upon the exercise of warrants, selling securityholders are offering up to 10,562,939 common shares and up to 565,375 warrants.

18M 27M
Apr 22, 2024

10-Q filing | 18.2M shares outstanding

18M 27M
Apr 08, 2024

S-1/A filing: S-1/A filing for New Horizon Aircraft Ltd. offering common shares upon warrant exercise and common shares/warrants by selling securityholders.

18M 27M
Mar 28, 2024

10-K filing | 18.2M shares outstanding

18M 23M
Feb 21, 2024

8-K filing: New Horizon Aircraft Ltd. amended its Forward Purchase Agreement with Meteora Capital Partners, LP, Meteora Select Trading Opportunities Master, LP, and Meteora Strategic Capital, LLC, modifying terms related to prepayment shortfalls, shortfall sales, and share registration, and introducing shortfall warrants.

17M 23M
Feb 14, 2024

S-1 filing: New Horizon Aircraft Ltd. is offering 12,065,375 common shares issuable upon the exercise of warrants, selling securityholders are offering up to 9,950,444 common shares and up to 565,375 warrants.

17M 23M
Jan 03, 2024

8-K filing: Pono Capital Three, Inc. entered into a subscription agreement to sell 200,000 Class A ordinary shares at $10.00 per share for an aggregate value of $2,000,000, contingent upon the consummation of a business combination. ($2.0M proceeds)

12M 510K
Nov 16, 2023

10-Q filing | 12.2M shares outstanding

12M 510K
Aug 10, 2023

10-Q filing | 12.2M shares outstanding

12M 510K
May 15, 2023

10-Q filing | 12.2M shares outstanding

12M 510K
Mar 30, 2023

10-K filing | 0.1M shares outstanding

100K 510K
Mar 30, 2023

8-K filing: Pono Capital Three, Inc. completed its initial public offering of 11,500,000 units at $10.00 per Unit, generating gross proceeds of $115,000,000, and announced that the holders of the Units may elect to separately trade the Class A Ordinary Shares and Warrants comprising the Units commencing on April 3, 2023. ($115.0M proceeds)

4.9M 510K
Feb 21, 2023

8-K filing: Pono Capital Three, Inc. completed its initial public offering of 11,500,000 units at $10.00 per unit, generating gross proceeds of $115,000,000, and simultaneously completed a private placement of 565,375 units at $10.00 per unit, generating gross proceeds of $5,653,750. ($241.31M proceeds)

4.9M 510K
Feb 15, 2023

8-K filing: Pono Capital Three, Inc. completed an initial public offering of 11,500,000 units at $10.00 per unit and a private placement of 565,375 units to the Sponsor at $10.00 per unit. ($120.65M proceeds)

4.9M 510K
Jan 26, 2023

S-1/A filing: The sponsor has committed to purchase 511,375 placement units at a price of $10.00 per unit, for an aggregate purchase price of $5,113,750 in a private placement that will close simultaneously with the closing of this offering.

4.9M 510K
Jan 10, 2023

S-1/A filing: Pono Capital Three, Inc. is a blank check company offering 10,000,000 units at $10.00 per unit, each unit consisting of one Class A ordinary share and one warrant.

4.9M 10M
Nov 10, 2022

S-1 filing: Pono Capital Three, Inc. is offering 10,000,000 units at $10.00 per unit, each unit consisting of one Class A ordinary share and one redeemable warrant, in an initial public offering.

2.9M 10M
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