The Aerion Corporation has assembled a world-class team of employees and partners, and we are very proud of our collective efforts to realise a shared vision of revolutionising global mobility with sustainable supersonic flight. Since our company's formation our team has created disruptive new innovations plus leading-edge technologies and intellectual property.
The AS2 supersonic business jet program meets all market, technical, regulatory and sustainability requirements and the market for a new supersonic segment of general aviation has been validated with $11.2 billion in sales backlog for the AS2.
However, in the current financial environment, it has proven hugely challenging to close on the scheduled and necessary large new capital requirements to finalise the transition of the AS2 into production. Given these conditions the Aerion Corporation is now taking the appropriate steps in consideration of this ongoing financial environment.
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