BYTE Acquisition Corp. enters merger agreement with Airship AI Holdings for AI-driven edge platform

Airship AI Holdings, Inc.

Aggregate merger consideration of 22.5M Parent Common Shares, plus up to 5M earnout shares based on revenue and stock price milestones.
Airship AI provides AI-driven edge video, sensor and data management platform for government agencies and enterprises.
Closing conditions: shareholder approval, Nasdaq listing, at least $7M cash in trust after redemptions, non-redemption agreements for $7M.
Sponsor to forfeit 1M shares and contribute 2.6M shares to secure non-redemption agreements and/or PIPE Financing.
Outside date initially Sep 25, 2023, extendable to Dec 26, 2023 if needed; registration statement to be filed promptly.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Airship AI Holdings, Inc. entered into Merger Agreement with BYTE Acquisition Corp., BYTE Merger Sub Inc. (effective 2023-06-27).

Action: entry
Agreement: merger
Counterparty: BYTE Acquisition Corp., BYTE Merger Sub Inc.
Effective: 2023-06-27

Exact text from the filing

On June 27, 2023, BYTE Acquisition Corp. (“BYTS” or “Parent”), a Cayman Islands exempted company (which shall de-register from the Register of Companies in the Cayman Islands by way of continuation out of the Cayman Islands and into the State of Delaware so as to migrate to and domesticate as a Delaware corporation prior to the Closing Date (as defined below)), entered into a merger agreement, by and among BYTS, BYTE Merger Sub Inc., a Washington corporation and a direct, wholly owned subsidiary of BYTS (“Merger Sub”), and Airship AI Holdings, Inc., a Washington corporation (“Airship AI” or the “Company”) (as it may be amended and/or restated from time to time, the “Merger Agreement”).

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Airship AI Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-051861

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