Robinson Aircraft Ltd., a hybrid electric Vertical TakeOff and Landing (“eVTOL”) aircraft developer (“Horizon Aircraft”), has announced a strategic investment in the form of a convertible note purchased by certain accounts of Canso Investment Counsel Ltd. (“Canso”) and affiliated companies for an aggregate $6.7 million CAD.
Brandon Robinson, Chief Executive Officer and Co-Founder of Horizon Aircraft commented, “Canso has a strong history of supporting the growth of numerous businesses across Canada since its inception. We are proud and humbled to have Canso as a strategic partner. Canso is an experienced investor in aviation and space technology and is a champion of Canadian aerospace companies in particular. This investment is a landmark moment for our organization and will play a major part in Horizon Aircraft’s vision of building a better future and providing long-term value for our shareholders.”
Nic Desjardins, Portfolio Manager at Canso Investment Counsel Ltd., stated, “Horizon Aircraft’s management team give us the confidence to be able to support an innovative Canadian aerospace company that is making considerable progress with their project. We made this investment because we believe in their leadership, the value proposition of their unique technology and approach to developing it. We hope that the Cavorite program will have a resounding, positive impact on Canada’s communities and our citizens.”
Canso and Horizon Aircraft share a common bond at the highest level. Brandon and several of Canso’s senior staff come from Canadian military and aviation backgrounds. They leverage this shared experience when pursuing opportunity and overcoming operational challenges. Horizon Aircraft believes that Canso’s support with this financing will strengthen Horizon’s position as a leader in the eVTOL market and accelerate our developmental timeline.
Horizon Aircraft’s Business Combination with Pono Capital Three
As previously announced on August 15, 2023, Horizon Aircraft and Pono Capital Three, Inc. (NASDAQ: PTHR, PTHRU and PTHRW) have executed a definitive Business Combination Agreement (the “Business Combination Agreement”). Pursuant to the Business Combination Agreement, it is intended that Horizon will amalgamate with Pono Three Merger Sub, Inc., a wholly owned subsidiary of Pono, with the resulting combined company continuing as a wholly owned subsidiary of Pono and will trade under NASDAQ: HOVR.