On  August 5 2022, Horizon Aircraft Inc. (“Company” or “Horizon”), an innovative leader in hybrid electric Vertical Take-off and Landing (VTOL) aerial vehicles, announced that it has entered into a binding agreement with its parent company, Astro Aerospace Ltd (“Astro”) and several of Astro’s key shareholders (the “Purchasers”) whereby Astro has agreed to sell 100% of the equity of Horizon to the Purchasers in exchange for certain Astro public securities and a fraction of the ownership of the newly privatized Horizon.

Brandon Robinson, CEO of Horizon Aircraft said, “this mutually beneficial transaction will allow Horizon Aircraft to accelerate development of our highly innovative Cavorite X-series eVTOL aircraft in the private sector with access to more flexible funding mechanisms. Retaining Astro as a key shareholder and partner moving forward represents natural progression of this program that has seen tremendous success over this last year.”