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Our aligned business model, enhanced by the complementary expertise and capabilities of the founder-led Horizon team, creates significant opportunities for accelerated growth while simultaneously delivering value to our shareholders," said Astro CEO Bruce Bent. "Astro and Horizon, two organizations focused on developing innovative air mobility solutions, is a very exciting and promising combination. 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. The new funding provided by Astro will enable Horizon to accelerate development of its Cavorite X5 eVTOL advanced prototype. This approach will emphasize existing technology and elegant design to become a leader in the eVTOL market. Jason O'Neill, Horizon's Chief Operating Officer, will be appointed Executive Vice President of Astro.Īstro'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 commercialization. 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. The Company's acquisition of Horizon is expected to close in approximately ten days, subject to customary closing conditions.
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The acquisition will broaden Astro's capabilities, and become a leading eVTOL platform while continuing to invest and innovate. The transaction was unanimously approved by the respective Boards of Directors.
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("Horizon"), a developer of advanced eVTOLs, have entered into an agreement under which Astro will acquire privately held Horizon for five million common shares of Astro stock, the material terms of which are disclosed in the Company's related 8-K filing.
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(OTCQB: ASDN) ("Astro" or the "Company"), a developer of eVTOL aerial vehicles and drones, and Horizon Aircraft Inc. Value creation for shareholders through synergies, enhanced innovation and new growth opportunitiesĭallas, Texas-(Newsfile Corp. Horizon Aircraft CEO & Co-founder and Chief Operating Officer to remain in key leadership roles, bringing additional talent to Astro Aerospace 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.Horizon Aircraft Electric Vertical Take-Off and Landing ("eVTOL") technology and expertise complements and expands the Astro platform, together providing a more comprehensive solution for aerial transport I am excited to be working with Robinson, who possesses the ability to develop aerial solutions with the perfect balance of analytical and creativity. Bruce has been an industry pioneer and driving force behind Astro’s success, which has progressed the Company’s vision into tangible milestones. “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. “The completed Acquisition will propel the development of the Cavorite X5 forward,” said Trompeter. 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.