The Lindsay, Ont.-based firm said Adelaide-based V-Star Powered Lift Aviation has the option to buy up to 95 more of the Cavorite X7, for a total purchase price of $600 million. Horizon’s stock rose as much as 22.9 per cent on the Nasdaq on Tuesday, topping out at US$2.04. (The Logic)

Talking point: The Cavorite X7 looks like a plane, but takes off and lands vertically like a helicopter. That means it can go as far as a small plane, but like a helicopter, doesn’t need a runway. Horizon is one of a new flock of firms building these aircraft, competing with the likes of Joby and Archer Aviation. Potential markets include passenger travel, as well as medical evacuations and search and rescue in remote areas with no airports. But all that is in the future—Horizon has made no revenue to date, and lost $33 million in its fiscal year through May. V-Star, for its part, has yet to announce any customers or operations.