Sky Scape Aerospace Corp. (TSXV : VOL) signed a definitive agreement to acquire Sky Scape Industries LLC for $0.62 million on March 2, 2023. Under the terms of the agreement, the total purchase price, subject to an earn-out provision is approximately $0.62 million aid as follows: An initial payment of approximately $0.31 million in the form of newly issued common shares of Volatus.

Volatus shall have the option to make the first payment in cash in lieu of shares. The earn-out payment of $0.31 million will be payable twelve months after closing, in the form of additional Volatus shares issued on the share price of CAD 0.65 or the prior 30-day VWAP, whichever is higher. The acquisition of Sky Scape Industries is anticipated to close on March 31st or such other agreed date conditional on satisfactory completion of due diligence, approval of the respective Board of Directors, key clients, and regulatory approval of the TSX Venture Exchange.