Astro Aerospace Completes Acquisition of Horizon Aircraft

Under a new leadership team headed by former GE Capital CFO Patricia Trompeter and Horizon co-founder Brandon Robinson, the combined venture will pursue the development of three eVTOL aircraft.

Horizon Cavorite X5 — Horizon's Cavorite X5 five-seat, hybrid-electric eVTOL aircraft will be the development priority now that the company has been acquired by Astro Aerospace. (Image: Astro Aerospace)

By Charles Alcock • Managing Editor

June 3, 2021

Astro Aerospace this week completed the acquisition of Horizon Aircraft, with the merged operation now set to pursue the development of three eVTOL vehicles. The planned portfolio will include Horizon’s five-seat, hybrid-electric Cavorite X5 aircraft, as well as Astro’s all-electric, two-seat Elroy and Alta models.

Horizon’s owners have sold the company in return for five million shares in Astro Aerospace, which says it is close to completing a planned listing to the Nasdaq stock exchange in the third quarter of this year. In trading on the OTC market yesterday, Astro stock closed at $2.85, valuing the company at a little more than $24 million.

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