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Astro Aerospace to Acquire Horizon Aircraft

Astro Aerospace to Acquire Horizon Aircraft
03 May 2021
Astro Aerospace Ltd., a developer of eVTOL aerial vehicles and drones, and Horizon Aircraft Inc., a developer of advanced eVTOLs, have entered into an agreement under which Astro will acquire privately-held Horizon.
The acquisition will be realized for five million common shares of Astro stock, the material terms of which are disclosed in the Company's related 8-K filing. The transaction was unanimously approved by the respective Boards of Directors.
The acquisition will broaden Astro's capabilities, and become a leading eVTOL platform while continuing to invest and innovate. The Company's acquisition of Horizon is expected to close in approximately ten days, subject to customary closing conditions. 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. Jason O'Neill, Horizon's Chief Operating Officer, will be appointed Executive Vice President of Astro.

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