Astro Aerospace has declared that 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.
“This completed Acquisition is a huge opportunity for both companies’ eVTOL projects to progress exponentially. Astro’s respected industry reputation and available funding, together with Horizon’s engineering and design talent, will complement Astro’s existing product lines, ALTA and ELROY, and will accelerate the development of Horizon’s revolutionary eVTOL, the Cavorite X5,” said CEO Brandon Robinson, Horizon.
Bruce Bent is pleased to announce that Patricia Trompeter, currently a member of Astro’s Board of Directors has agreed to take on the role of Chief Executive Officer.
“The completed Acquisition will propel the development of the Cavorite X5 forward,” said Trompeter. “It will strengthen Astro’s ability to pursue commercialization and allow the visions of both Astro and Horizon to align, creating a powerhouse in the eVTOL market. Bruce has been an industry pioneer and driving force behind Astro’s success, which has progressed the Company’s vision into tangible milestones. I am excited to be working with Robinson, who possesses the ability to develop aerial solutions with the perfect balance of analytical and creativity. Their combined expertise will help me guide Astro through this transformative chapter as the Company merges product lines, implements Astro’s strategic vision and begins the Nasdaq uplist process.”
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 announces 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 $400 million in complex engineering projects.
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.
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.