Horizon Aircraft, an innovative leader in hybrid electric vertical take-off and landing (VTOL) aerial vehicles, has entered into a binding agreement with its parent company, Astro Aerospace (Astro) and several of Astro’s key shareholders (the Purchasers) whereby Astro has agreed to sell 100% of the equity of Horizon to the Purchasers in exchange for certain Astro public securities and a fraction of the ownership of the newly privatized Horizon.
Brandon Robinson, CEO of Horizon Aircraft said: “This mutually beneficial transaction will allow Horizon Aircraft to accelerate development of our highly innovative Cavorite X-series eVTOL aircraft in the private sector with access to more flexible funding mechanisms. Retaining Astro as a key shareholder and partner moving forward represents natural progression of this programme that has seen tremendous success over this last year.”
Horizon Aircraft will continue with rigorous testing of its 50%-scale prototype and detailed design of a full-scale prototype as it pursues the next phases of the AFWERX HSVTOL challenge that could offer up to US$35 million (£29 million) in non-dilutive financing over the next three years.
