Astro Aerospace today announced that it has reached an agreement to acquire eVTOL aircraft developer Horizon Aircraft. In a deal structured around Astro’s plans to be listed on the Nasdaq stock market, the U.S. company said that it will take full ownership of privately owned Horizon in exchange for five million of its common shares.
In Astro’s Securities and Exchange Commission 8-K filing, the company committed to providing Horizon with a minimum of $1.5 million as a first-year operating budget. The funds are to be supplied in two $750,000 installments within three months of the transaction being finalized, which is anticipated to occur around mid-May. Horizon has previously indicated that it may need approximately $100 million to complete type certification of the ducted fan aircraft, which it expects to have a range of just over 300 miles. It aims to get the model into service by 2025.
