Astro Aerospace acquires Horizon Aircraft
Astro Aerospace, eVTOL and drone developer, has announced its acquisition of Horizon Aircraft. The Acquisition was completed for 5m common shares of Astro stock.
The company also announced Patricia Trompeter as the new CEO, following her role as a member of Astro’s board of directors. Co-founder and CEO of Horizon Aircraft, Brandon Robinson, will be the new president of Astro.
Trompeter – who is ex-GE Capital – brings more than 16 years’ of experience in mergers and acquisitions and 15 years in financial management experience to the position.
Astro will now have three eVTOL models under development – Alta, Elroy and Horizon’s Cavorite X5. This means the company will offer both full electric and hybrid aircraft options, as well as single passenger, piloted multiple-passenger, and cargo aircraft designs.
Robinson said: “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 Cavorite X5.”
The Cavorite aim is to carry four passengers plus one pilot for up to 310 miles (500kms) at about 280 miles (450kms) per hour. A full-scale, certified prototype of the Cavorite X5 is expected by the end of 2024.
Trompeter said the transaction would “strengthen Astro’s ability to pursue commercialisation” and “begin the Nasdaq uplist process”.
Bruce Bent, now ex-CEO of Astro, will assume the role of executive chairman.