Dilution profile // every instrument, one screen, from SEC filings

New Horizon Aircraft Ltd. (HOVR)

CIK 1930021 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
HIGHS-3 on file 2025-03-28
= is there a registration (S-1/S-3 family) on file without a later withdrawal
no structured fee data on the live registrations, so this is a yes/no, not a size
Overhead supply
LOWwarrants = 0% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
HIGH+267% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
Cash need
HIGH~0.1 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2024-03-282026-07-16

Latest: 66.8M shares as of Jul 16, 2026 (10-K).

Cash runway

~0 months of cash left

critical · burning $531,230.5 / quarter

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Public Warrant11.5M$0.54
Private Warrant Liabilities565,375not tagged
Registered Direct Offering Two Warrants298,805$2.89
Registered Direct Offering One Warrants277,647$2.47
General Warrants10,000not tagged
Pre Funded Warrants1not tagged
General Warrant Liabilitiesnot taggednot taggedFV $34,000
Public Warrant Liabilitiesnot taggednot taggedFV $422,000

Tranches exactly as the company dimensioned them in its 10-K filed Jul 16, 2026. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 10,000 underlying shares, as reported Feb 28, 2026 (10-Q).

Reported exercise price: $11.5 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $75.8M as of Aug 21, 2024.

Rough fully diluted estimate: 66.8M = 66.8M O/S + 10,000 warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

No convertible-note facts tagged in the 10-K filed Jul 16, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding66.8MJul 16, 2026
+ Public Warrant (if exercised)11.5MMay 31, 2026
+ Private Warrant Liabilities (if exercised)565,375May 31, 2026
+ Registered Direct Offering Two Warrants (if exercised)298,805May 27, 2026
+ Registered Direct Offering One Warrants (if exercised)277,647May 8, 2026
+ General Warrants (if exercised)10,000May 31, 2026
+ Pre Funded Warrants (if exercised)1May 31, 2026
Fully diluted estimate79.5M+18.9% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

S-3Mar 28, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →
S-3Feb 14, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →
S-1Jun 10, 2024no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 4 executed · 0 registered.

EXECUTEDMay 27, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDMay 26, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDMay 8, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDOct 31, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDJun 27, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
UPDATEApr 4, 2025Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVEApr 4, 2025SEC declared a registration effective — selling can beginEFFECT
REGISTEREDMar 28, 2025S-3 registration — capacity to sell shares, not a sale yetS-3
EXECUTEDMar 26, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EFFECTIVEMar 25, 2025SEC declared a registration effective — selling can beginEFFECT
UPDATEMar 18, 2025Prospectus update — often a resale registration, not necessarily new capital424B3
UPDATEMar 18, 2025Prospectus update — often a resale registration, not necessarily new capital424B3

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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