New Horizon Aircraft shares rise 10.49% premarket after appointing prominent test pilot to board to advance Cavorite X7 development.

New Horizon Aircraft surged 10.49% in premarket trading following two key developments: a 167.44% price target increase to $5.91 and a $2 million grant to advance its all-electric aircraft development. Additionally, the company appointed Jameel Janjua, a test pilot with over 5,500 flight hours and Virgin Galactic experience, to its board. His expertise is expected to accelerate the certification process for the Cavorite X7 hybrid-eVTOL aircraft. Analysts remain optimistic, with a $11.00 average price target and a "Moderate Buy" rating, reinforcing confidence in the firm’s ability to meet developmental milestones. The combination of financial support, strategic leadership, and analyst optimism likely fueled the premarket rally.