New Horizon Aircraft Ltd. (NASDAQ:HOVR), doing business as Horizon Aircraft ("Horizon Aircraft" or the "Company"), a leading hybrid electric Vertical Take-Off and Landing ("eVTOL") aircraft developer, announced today that it has received written notice from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") that the Company has regained compliance with Listing Rule 5550(b), satisfying the Equity Standard in Listing Rule 5550(b)(1). As a result, the Company's shares will remain listed on the Nasdaq Capital Market.

In addition, as it relates to Listing Rule 5550(a)(2) (the "Bid Price Rule"), the Staff has determined that the Company is eligible for an additional 180 calendar days, or until July 14, 2025, to obtain compliance.