Horizon Aircraft Inc. acquired in cross-border deal by Astro Aerospace Ltd.

02 June 2021

On June 2, 2021, Astro Aerospace Ltd. (OTCQB: ASDN) ("Astro") announced that it had closed its previously announced acquisition of Horizon Aircraft Inc. ("Horizon"), acquiring all of the issued and outstanding common shares of Horizon for five million common shares of Astro.

Astro, headquartered in Lewsiville, Texas, is a developer of eVTOL (Electrical Vertical Takeoff and Landing) aerial vehicles and drones. An eVTOL is a cross between a helicopter and a fixed-wing airplane.

Horizon, headquartered in Lindsay, Ontario, is a privately held, advanced aerospace engineering company that has developed the world's first eVTOL that can fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range, and operational utility.

Gowling WLG advised Horizon on this transaction with a team that included Todd Bissett, Greg Shannon and Irena Kramer.

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