Putting the Heat on Astro Aerospace Ltd (ASDN)

Astro Aerospace Ltd – Ordinary Shares (OTC: ASDN) stock closed up 1.97% to $1.5500 in the past session. The stock price ranged from $1.5500 to $1.6900 during the session, while 97.99K shares changed hands.

What happened Recently

There was no recent news about the stock recently. However, last week Astro Aerospace Ltd. (OTCQB: ASDN) publicized the closing of the IPO of Parsec Capital Acquisition Corp. (NASDAQ: PCXCU).

Parasec is the ASDN’s first special purpose acquisition company, part of Astro’s strategy to capitalize on its business sourcing and acquisition capabilities. ASDN’s strategy focuses on sourcing and gaining growth-oriented companies based on management’s expertise.

As a result, of the up-sized offering, Parsec reportedly raised $86,625,000 in gross proceeds. There were 8,625,000 units offered at a price of $10.00 per unit. One share of Class A common stock and a redeemable warrant were included in each unit. At a par value of $11.50, each warrant implies that the holder is entitled to buy one share of Class A common stock.

Patricia Trompeter is CEO of PARsec and an experienced business leader with extensive experience in mergers and acquisitions (over $20B), having worked for top-tier companies such as GE Capital for over 18 years. The Summit Bancorp Inc. Chairman and Managing Director Paul Haber brings over 25 years of capital markets experience, including over 20 IPOs. With a management team and four independent directors with extensive industry experience, Parsec is seeking a combination of businesses in the space economy, technology, and transportation industries.

Management Comment

“We are excited to offer a SPAC as a new vehicle to add value for our shareholders,” said Chairman Bruce Bent. “ASDN’s sponsorship exemplifies our belief in the continued growth of our industry and the industries adjacent to it.”

Company’s Profile

Astro Aerospace is basically a manufacturer of eVTOL (Electric Vertical Takeoff and Landing)- aerial vehicles, the world’s most advanced, autonomous aerial vehicles. ASDN’s goal is to make self-flying unmanned and manned vehicles available to everyone whenever they want, from anywhere, and turn this exciting new mode of transport into a mainstream reality.

ASDN’s vision is “Flight Made Easy”.

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