secwatch.observer — SEC 8-K summary
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Issuer:     Airship AI Holdings, Inc. (AISP)
CIK:        0001842566
Form:       8-K
Filed at:   2023-03-10T23:59:59+00:00
Accession:  0001213900-23-018998
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

BYTE Acquisition Corp. signs LOI for business combination with Airship AI at $290M EV
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- Non-binding LOI for SPAC merger; pro forma enterprise value of $290M (assuming 98% public redemptions).
- Airship AI shareholders roll 100% of equity; earnout milestones: $12.50/$15.00 share price or $30M/$100M revenue targets.
- Airship AI expects ~$14.5M revenue (2022E), ~57.9% gross margin, positive EBITDA; $162M pipeline.
- BYTE seeks shareholder approval to extend deadline from March 23 to September 25, 2023; non-redemption agreements signed.
- Airship AI serves DHS, DOJ, FedEx, Home Depot; $4M pre-transaction bridge secured; PIPE expected.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1842566/000121390023018998/0001213900-23-018998-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1842566/000121390023018998/ea175000-8k425_byteacq.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-018998

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