HOVR · New Horizon Aircraft Ltd.

Substantial doubt about the company's ability to continue as a going concern.

“While management estimates that cash and cash equivalents on-hand of more than $78 million will be sufficient to fund our current operating plan for at least the next 12 months from the date these consolidated financial statements were available to be issued, there is substantial doubt around the Company's ability to meet the going concern assumption beyond that period without securing additional capital.”