Horizon Aircraft Inc. today announced that it has entered into a binding agreement with its parent company, Astro Aerospace Ltd (“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 program that has seen tremendous success over this last year.”
“Horizon’s progress has been nothing short of outstanding over the last year with several grants, a USAF contract award, and a large-scale prototype ready to fly,” said Astro CEO Bruce Bent,
“Astro is grateful to remain a strategic investor and partner as we collectively move towards building a better future.”
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 $35M in non-dilutive financing over the next three years.