What's Going On With New Horizon Stock Monday?

New Horizon Aircraft Ltd. HOVR stock is trading higher on Monday after the company, on Friday, announced it received an $8.4 million investment from a strategic investor and aerospace supporter. Here’s what you need to know.

What To Know: The investment will fortify Horizon Aircraft’s balance sheet, provide stability in the operations, governance and regulatory priorities and fund further development and flight testing of its hybrid eVTOL, the Cavorite X7.

The $8.4 million investment will consist of $2.1 million in Horizon shares, equivalent to 4,166,667 shares, and $6.3 million in preferred shares, representing 4,500 preferred shares.

Brandon Robinson, CEO and Co-Founder of Horizon Aircraft said, “We are deeply appreciative for this second investment from our strategic partner. The principle’s continued support through this second tranche of funding provides our business with a solid working capital position in support of our initiatives. With this commitment Horizon Aircraft is on solid footing, and our focus is on the development of our full-scale hybrid eVTOL.”

How To Buy New Horizon Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in New Horizon Aircraft's case, it is in the Industrials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

See Also: Check Out What Whales Are Doing With IREN

HOVR Price Action: At the time of publication, New Horizon stock is trading 26.8% higher at 78 cents, according to data from Benzinga Pro.

Image: Image via Wikimedia Commons