Astro Aerospace, a developer of eVTOL aerial vehicles and drones, is to acquire Horizon Aircraft (Horizon), a developer of advanced eVTOLs, for five million common shares of Astro stock, the material terms of which are disclosed in the Company’s related 8-K filing
The transaction was unanimously approved by the respective Boards of Directors.
The acquisition of Horizon is expected to close in approximately ten days, subject to customary closing conditions. Upon closing the transaction, the CEO and Co-Founder of Horizon, Brandon Robinson, will be appointed as President of Astro and will sit on the Board of Directors. Jason O’Neill, Horizon’s Chief Operating Officer, will be appointed Executive Vice President of Astro.
Astro’s existing Alta and Elroy programs, combined with Horizon’s highly accomplished team of engineering and design talent, is expected to better position the Company to pursue its goal of commercialisation. This approach will emphasise existing technology and elegant design to become a leader in the eVTOL market. The new funding provided by Astro will enable Horizon to accelerate development of its Cavorite X5 eVTOL advanced prototype. The Company believes this new aerospace technology offers significant advantages over current conventional aircraft including lower operating costs, a reduced noise footprint, increased safety and lower carbon emissions.
Source: Private Equity Wire
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