Common Stock

6 Months Ended

Nov. 30, 2025

Common Stock [Abstract]

Common Stock

NOTE 7. Common Stock

The Company’s Class A ordinary shares and public warrants trade on the Nasdaq Capital Market under the symbol “HOVR” and “HOVRW”, respectively. Pursuant to the terms of the Company’s Articles and Notice of Articles, the Company is authorized to issue the following shares and classes of capital stock, each with no par value: (i) an unlimited number of Class A ordinary shares; (ii) an unlimited number of Class B ordinary shares; and (iii) an unlimited number of preferred shares. The holder of each ordinary share is entitled to one vote.

As of November 30, 2025, there were warrants outstanding of 12,065,375 at an exercise price of $11.50 USD and 10,000 at an exercise price of $0.75 USD to purchase an equivalent number of Class A ordinary shares.

Warrant holders exercised 3,200,000 warrants in exchange for 3,200,000 Class A ordinary shares for proceeds of $3,282 during the six months-ended November 30, 2025.

A summary of warrant activity for the Company is as follows:

	Number of Warrants		Weighted Average Exercise Price(USD)		Weighted Average Remaining Contractual Life (years)		Aggregate Intrinsic Value (USD)
Outstanding warrants May 31, 2025		15,275,375	$	9.24		3.7	$	995
Exercised		3,200,000	$	0.75		3.7	$	3,555
Outstanding warrants November 30, 2025		12,075,375	$	11.49		3.2	$	9

In March 2025 the Company filed a shelf registration statement on Form S-3 with the SEC and a related prospectus pursuant to which it may, from time to time, sell shares of its Class A ordinary shares, having an aggregate value of up to $6.25 million USD, pursuant to a Capital on Demand™ Sales Agreement (the “Sales Agreement”) with a placement agent for the sale of its Class A ordinary shares.

On June 27, 2025, the Company filed a prospectus supplement to increase the maximum aggregate offering price of the Class A ordinary shares issuable under the Sales Agreement to $16.5 million USD of Class A ordinary shares. On October 31, 2025, the Company filed an additional prospectus supplement to increase the maximum aggregate offering price of the Class A ordinary shares issuable under the Sales Agreement to $50 million USD of Class A ordinary shares. 

During the three and six months-ended November 30, 2025, the Company sold 2,558,726 and 6,003,936 Class A ordinary shares under the Sales Agreement for net proceeds of $10,839 and $19,092, respectively. As of November 30, 2025, the Company had $31.8 million USD remaining eligible for sales under the Sales Agreement.

During the three and six months-ended November 30, 2025, the Company incurred $175 and $585 in general and administrative costs relating to 62,486 and 326,581 Class A ordinary shares, respectively, to be issued at a future date for services rendered. This has been recorded as a component of Shareholders’ Equity.