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Astro Aerospace Ltd. (OTCQB: ASDN) has successfully closed its initial public offering of Parsec Capital Acquisition Corp. (NASDAQ: PCXCU), a special-purpose acquisition company (SPAC) sponsored by Astro. Parsec's IPO raised $86,625,000 through the sale of 8,625,000 units at $10.00 each. Each unit comprises one share of Class A common stock and one warrant to purchase additional shares. The management team, led by Patricia Trompeter, aims to target middle-market aerospace, technology, and transportation sectors for future acquisitions.
Astro Aerospace (OTCQB: ASDN) announces its Cavorite X5 eVTOL platform has been selected for the AFWERX High Speed VTOL Challenge, out of 218 applicants. This partnership with the United States Air Force aims to enhance military operations. The Cavorite X5, designed for speed and stealth, can reach 275 mph over 340 miles, proving useful for various military and disaster relief missions. Astro aims to secure funding for further research and development and is led by experienced personnel including President Brandon Robinson.
Astro Aerospace Ltd (OTCQB: ASDN) has signed a letter of intent with Lotus Mobility Ltd to acquire 51% of Lotus's subsidiary, Liaoning Tongda Transport Technologies (LTT), for 3 million shares. This deal grants Astro exclusive global rights to LTT's electric aircraft technologies, including the RX1E and RX4E models. The partnership also involves a $3 million investment in R&D for future electric aircraft, including 9- and 19-seater designs. Astro will also establish a Singapore-based subsidiary to explore opportunities in the Asia Pacific region.
Astro Aerospace (OTCQB: ASDN) has completed its 1:6 scale eVTOL prototype testing, moving towards the production of a 1:2 scale prototype targeted for test flights in Q1 2022. The Cavorite X5 is designed for Urban Air Mobility and Regional Air Mobility with capabilities including a maximum speed of 450 km/h and a 500 km range. The company aims to leverage this technology for medevac and cargo delivery while addressing reduced emissions and operational flexibility.
Astro Aerospace (OTCQB: ASDN) reported successful completion of over 200 test flights on its Cavorite X5 sub-scale prototype, designed for hybrid-electric eVTOL operations. The company, in partnership with Horizon Aircraft, is set to acquire Horizon to enhance its eVTOL capabilities. The acquisition, expected to finalize in April, aims to accelerate the development of both companies' Alta and Elroy programs, targeting the rapidly growing $46.7 Billion eVTOL market. The Cavorite X5 features advanced technology, including autonomous flight systems and efficient design for urban aerial transport.
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