Astro Aerospace, a developer of eVTOL aerial vehicles and drones, announced the acquisition agreement with Horizon Aircraft, a privately held developer of advanced eVTOLs, has closed. The acquisition was completed for common shares of Astro stock, the material terms of which are disclosed in the company’s related 8-K filing.
Patricia Trompeter, currently a member of Astro’s Board of Directors has agreed to take on the role of Chief Executive Officer while Astro CEO Bruce Bent will assume the role of Executive Chairman to assist in implementing the Astro business plan developed over the past two years.
The company further announced that Horizon co-founder and CEO Brandon Robinson has been appointed President of Astro Aerospace. Robinson holds a Mechanical Engineering degree from the Royal Military College of Canada, is a CF-18 Fighter Pilot Top Gun graduate, has an MBA from Royal Roads University, and has led more than US$400 million in complex engineering projects.
Through Robinson’s leadership, Horizon acquired private funding to build the Cavorite X5 eVTOL prototype which will now be continued by Astro through a committed investment. The 1:2 prototype will be built at Horizon’s production facility in Lindsay, Ontario, Canada and is expected to be completed by Q1 2022. A full-scale, certified prototype of the Cavorite X5 is expected by the end of 2024.
The Acquisition of Horizon Aircraft by Astro Aerospace will provide a complete product offering across both commercial and industrial applications. Astro will now have three eVTOL models under development – Alta, Elroy and the Cavorite X5. Astro’s offerings position the company as one of few businesses in the eVTOL space to offer both full electric and hybrid aircraft options. In addition, the Astro product line includes single passengers, piloted multiple passenger, and cargo aircraft designs.
