Airship AI Holdings, Inc. — fact timeline

Airship AI Holdings, Inc. reported first quarter ended March 31, 2026 results: revenue $6.3 million, net income $721,000, or $0.02 per basic share.

“RELEASE) --- EX-99.1 2 airsp_ex991.htm PRESS RELEASE airsp_ex991.htm EXHIBIT 99.1 Airship AI Reports First Quarter 2026 Financial Results First Quarter 2026 Net Revenues of $6.3 Million, Gross Profit of $3.2 Million and Gross Margin of 50% Net Revenue Increase of 15% and Gross Margin Increase of 42% as Compared to Q1 of the Prior Year Redmond, WA – May 11 , 2026”

Airship AI Holdings, Inc.: Reduced quorum requirement for stockholder meetings from a majority to one-third of shares outstanding and entitled to vote (effective 2025-12-09).

“the Board of Directors (the “Board”) of Airship AI Holdings, Inc., a Delaware corporation (the “Company”), approved an amendment to the Company’s Bylaws (the “Bylaws”) to reduce the quorum requirement for stockholder meetings from a majority to one-third (1/3) of the shares of capital stock issued and outstanding and entitled to vote (the “Bylaw Amendment”)”

Airship AI Holdings, Inc. issued 2,702,702 shares of warrant to the Holder for $9,729,729 aggregate gross proceeds.

“price per share of $6.20 (the “Inducement Warrants”). The aggregate gross proceeds to be received from the exercise of the Existing Warrants is expected to be approximately $9,729,729, before deducting financial advisory fees. The Company intends to use the net proceeds from the exercise of the Existing Warrants for working capital and general corporate”

Airship AI Holdings, Inc. reported the first quarter ended March 31, 2024 results: revenue $10.6 million.

“Net revenues for the quarter ended March 31, 2024 were $10.6 million.”

Airship AI Holdings, Inc. reported the full year ended December 31, 2023 results: revenue $12.3 million, net income $16.4 million. Guidance raised.

“Airship AI Reports Full Year 2023 Financial Results FY 2023 Revenue of $12.3 Million”

Mark E. Scott was appointed as Chief Financial Officer at Airship AI Holdings, Inc..

“On March 1, 2024, Airship AI Holdings, Inc. (the “Company”) appointed Mark E. Scott (age 70), our interim Chief Financial Officer, as the Chief Financial Officer of the Company, effective March 1, 2024.”

Airship AI Holdings, Inc. amended convertible notes of $2,000,000 with Platinum Capital Partners Inc. at 6% per annum maturing June 22, 2024.

“On February 2, 2024, Airship AI Holdings, Inc. (the “Company”) issued and sold to Platinum Capital Partners Inc. (“Platinum”) in a private placement an Amended and Restated Senior Secured Convertible Promissory Note in the principal amount of $2,000,000 (the “Note”). The Note amends and restates in its entirety the Senior Secured Convertible Promissory Note issued to Platinum in the principal amount of $2,000,000 on June 22, 2023.”

Airship AI Holdings, Inc. amended Amended and Restated Senior Secured Convertible Promissory Note with Platinum Capital Partners Inc. valued at principal amount of $2,000,000 (effective 2024-02-02).

“On February 2, 2024, Airship AI Holdings, Inc. (the “Company”) issued and sold to Platinum Capital Partners Inc. (“Platinum”) in a private placement an Amended and Restated Senior Secured Convertible Promissory Note in the principal amount of $2,000,000 (the “Note”).”

Airship AI Holdings, Inc.: Change in shell company status as BYTS ceased being a shell company upon consummation of the Business Combination.

“As a result of the Business Combination, BYTS ceased being a shell company.”

Airship AI Holdings, Inc.: Adoption of a new Code of Ethics applicable to employees, officers, and directors (effective 2023-12-21).

“In connection with the Business Combination, on December 21, 2023, the Board approved and adopted a new Code of Ethics applicable to all employees, officers and directors of the Company, including the Company’s principal executive officer, principal financial officer and principal accounting officer or controller (or persons performing similar functions to the aforementioned officers).”

Airship AI Holdings, Inc.: Adoption of new bylaws in connection with the Business Combination (effective 2023-12-20).

“On December 20, 2023, in connection with the Domestication, the Company filed the Charter with the Secretary of State of the State of Delaware and adopted the Bylaws, in the form approved by BYTS shareholders at the Extraordinary General Meeting.”

Airship AI Holdings, Inc.: Approval and filing of amended certificate of incorporation changing name from BYTE Acquisition Corp. to Airship AI Holdings, Inc. and altering capital stock structure (effective 2023-12-20).

“At the Extraordinary General Meeting, BYTS shareholders approved the Company’s certificate of incorporation (the “Charter”) to, among other things, change the corporate name from “BYTE Acquisition Corp.” to “Airship AI Holdings, Inc.”, change the total number of shares of the Company’s capital stock from (a) 200,000,000 BYTS Class A Ordinary Shares, 20,000,000 BYTS Class A Ordinary Shares and 1,000,000 preference shares, par value $0.0001 per share, of BYTS to (b) 200,000,000 shares of Airship Pubco Common Stock and 5,000,000 shares of preferred stock, par value $0.0001 per share, of Airship Pubco and authorize all other changes in connection with the replacement of BYTS’s Cayman constitutional documents with the Charter and the Company’s bylaws (the “Bylaws”) in connection with the consummation of the Business Combination.”

Airship AI Holdings, Inc. underwent a change of control involving Airship AI, Inc. for $225.0 million in the form of shares of Airship Pubco Common Stock (closed 2023-12-21).

“At the Closing, pursuant to the terms of the Merger Agreement, the total consideration paid at the Closing (the “Merger Consideration”) by BYTS to Airship AI securityholders was $225.0 million in the form of shares of Airship Pubco Common Stock” (at a deemed value of $10.00 per share). In addition, the Airship AI securityholders that hold shares of common stock of”

Airship AI Holdings, Inc.: Adopted bylaws in connection with domestication as a Delaware corporation (effective 2023-12-20).

“In connection with the Domestication, the Company filed its certificate of incorporation (the “Charter”) with the Secretary of State of the State of Delaware and adopted its bylaws (the “Bylaws”), in the form approved by BYTS shareholders at the Extraordinary General Meeting.”

Airship AI Holdings, Inc.: Filed certificate of incorporation and certificate of corporate domestication in Delaware, and amended certificate to change name to Airship AI Holdings, Inc (effective 2023-12-20).

“On December 20, 2023, BYTS filed a notice of deregistration with the Cayman Registrar, together with the necessary accompanying documents, and filed a certificate of incorporation and a certificate of corporate domestication with the Secretary of State of the State of Delaware, under which BYTS de-registered from the Cayman Registrar 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. In connection with the Domestication, the Company filed its certificate of incorporation (the “Charter”) with the Secretary of State of the State of Delaware and adopted its bylaws (the “Bylaws”), in the form approved by BYTS shareholders at the Extraordinary General Meeting. Immediately after the filing of the Certificate of Incorporation, the Company filed an amendment to the Certificate of Incorporation (the “Charter Amendment”) to change the Company’s name to “Airship AI Holdings, Inc.””

Airship AI Holdings, Inc. amended Letter Agreement with Airship AI, Inc. (effective 2023-12-20).

“On December 20, 2023, BYTE Acquisition Corp., a Cayman Islands exempted company (now known as Airship AI Holdings, Inc., a Delaware corporation, following its domestication as a Delaware corporation) (“BYTS” or the “Company”) entered into a letter agreement (the “Letter Agreement”) with Airship AI Holdings, Inc. (now known as Airship AI, Inc.), a Washington corporation (“Airship AI”), to amend the lock-up provisions of the bylaws”

Airship AI Holdings, Inc. shareholders approved Advisory approval of supermajority vote requirement to amend certain charter provisions (Advisory Organizational Documents Proposal C) at the 2023-12-19 meeting.

“Advisory Organizational Documents Proposal C was approved. The final voting tabulation for this sub-proposal was as follows: Votes For Votes Against Abstentions 9,702,244 22,232 22,201”

Airship AI Holdings, Inc. shareholders approved Advisory approval of exclusive forum provisions (Advisory Organizational Documents Proposal B) at the 2023-12-19 meeting.

“Advisory Organizational Documents Proposal B was approved. The final voting tabulation for this sub-proposal was as follows: Votes For Votes Against Abstentions 9,702,244 22,232 22,201”

Airship AI Holdings, Inc. shareholders approved Advisory approval of change in authorized capital stock (Advisory Organizational Documents Proposal A) at the 2023-12-19 meeting.

“Advisory Organizational Documents Proposal A was approved. The final voting tabulation for this sub-proposal was as follows: Votes For Votes Against Abstentions 9,702,224 22,252 22,201”

Airship AI Holdings, Inc. shareholders approved To approve the Proposed Charter and Proposed Bylaws of Airship Pubco (Organizational Documents Proposal) at the 2023-12-19 meeting.

“The Organizational Documents Proposal was approved. The final voting tabulation for this proposal was as follows: Votes For Votes Against Abstentions 9,702,224 22,232 22,221”

Airship AI Holdings, Inc. shareholders approved To approve the issuance of shares of Airship Pubco Common Stock and convertible securities in connection with the Business Combination (Stock Issuance Proposal) at the 2023-12-19 meeting.

“The Stock Issuance Proposal was approved. The final voting tabulation for this proposal was as follows: Votes For Votes Against Abstentions 9,702,244 22,232 22,201”

Airship AI Holdings, Inc. shareholders approved To approve the Domestication (continuation out of Cayman Islands into Delaware) at the 2023-12-19 meeting.

“The Domestication Proposal was approved. The final voting tabulation for this proposal was as follows: Votes For Votes Against Abstentions 1 0 0 1”

Airship AI Holdings, Inc. shareholders approved To approve and adopt the Merger Agreement and the Business Combination with Airship AI Holdings, Inc. at the 2023-12-19 meeting.

“The Business Combination Proposal was approved. The final voting tabulation for this proposal was as follows: Votes For Votes Against Abstentions 9,702,244 22,232 22,201”

Airship AI Holdings, Inc. entered into Note with Byte Holdings, LLC valued at $ 480,219.44 (effective 2023-12-14).

“On December 14, 2023, BYTE Acquisition Corp. (“BYTS”) issued a promissory note (“Note”) to Byte Holdings, LLC (“Lender”). The Note evidences a working capital loan from Lender to BYTS in an aggregate principal amount of $ 480,219.44.”

Airship AI Holdings, Inc.: Approved amendments to the Amended and Restated Memorandum and Articles of Association to extend the deadline for completing a business combination from September 25, 2023 to December 26, 2023, with a possible further extension to March 26, 2024, and to eliminate the net tangible asset redemption li (effective 2023-09-22).

“On September 22, 2023, the Company adopted the amendments to the Articles, effective the same day.”

Airship AI Holdings, Inc. shareholders approved Adjournment Proposal to approve adjournment of the Extraordinary General Meeting to a later date if necessary to permit further solicitation and vote of proxies. at the 2023-09-22 meeting.

“The Adjournment Proposal was approved. The final voting tabulation for this proposal was as follows: For Against Abstain 9,743,268 28,442 22,220”

Airship AI Holdings, Inc. shareholders approved Election of Louis Lebedin as a Class I director until the general meeting in 2026 or until successor is appointed and qualified. at the 2023-09-22 meeting.

“The Director Election Proposal was approved. The final voting tabulation for this proposal was as follows: For Against Abstain 1 0 0”

Airship AI Holdings, Inc. shareholders approved Redemption Limitation Amendment Proposal to amend the Articles to eliminate the limitation on redemption of public shares that would cause net tangible assets to be less than $5,000,001 and the limitation on consummating an initial business combination unless net tangible assets are at least $5,000, at the 2023-09-22 meeting.

“The Redemption Limitation Amendment Proposal was approved. The final voting tabulation for this proposal was as follows: For Against Abstain 9,765,699 6,031 22,200”

Airship AI Holdings, Inc. shareholders approved Extension Proposal to amend the Amended and Restated Memorandum and Articles of Association to extend the date by which the Company must complete a business combination from September 25, 2023 to December 26, 2023, and to allow the board to further extend to March 26, 2024. at the 2023-09-22 meeting.

“The Extension Proposal was approved. The final voting tabulation for this proposal was as follows: For Against Abstain 9,765,699 6,031 22,200”

Airship AI Holdings, Inc. amended Merger Agreement with BYTE Merger Sub Inc. and Airship AI Holdings, Inc. (effective 2023-09-22).

“On September 22, 2023, BYTS, Airship AI, and Merger Sub entered into an amendment to the Merger Agreement (the “Amendment”).”

Airship AI Holdings, Inc. amended Non-Redemption Agreement with an existing shareholder valued at $0.033 per share in cash per month (effective 2023-09-14).

“On September 14, 2023, BYTE Acquisition Corp. (the “Company”) entered into an amendment to the non-redemption agreement (as amended, the “Non-Redemption Agreement”) previously entered into on March 8, 2023 with an existing shareholder (the “Non-Redeeming Shareholder”) holding 1,000,000 Class A ordinary shares”

Airship AI Holdings, Inc. entered into Non-Redemption Agreement with Non-Redeeming Shareholder valued at Non-Redeeming Shareholder agreed not to redeem $1 million in aggregate value of Public Shares in con (effective 2023-08-01).

“Additionally, on August 1, 2023, BYTS entered into a Non-Redemption Agreement with an existing shareholder (the "Non-Redeeming Shareholder") holding Public Shares, pursuant to which the Non-Redeeming Shareholder agreed not to redeem $1 million in aggregate value of Public Shares held by it on the date of the Non-Redemption Agreement in connection with the Business Combination.”

Airship AI Holdings, Inc. entered into Non-Redemption Agreement with Byte Holdings LP (Sponsor) valued at Sponsor agreed to acquire $6 million in BYTS Class A ordinary shares from shareholders, waive redemp (effective 2023-08-01).

“On August 1, 2023, BYTS entered into a non-redemption agreement ("Non-Redemption Agreement") with Byte Holdings LP, a Cayman Islands exempted limited partnership and the Sponsor of BYTS ("Sponsor").”

Airship AI Holdings, Inc. entered into Merger Agreement with BYTE Acquisition Corp., Airship AI Holdings, Inc., Byte Merger Sub Inc. valued at Business Combination. BYTS will domesticate into Delaware, Merger Sub will merge with Airship AI, Ai (effective 2023-06-27).

“As previously disclosed, on June 27, 2023, BYTE Acquisition Corp., a Cayman Islands exempted company ("BYTS"), entered into a merger agreement ("Merger Agreement") with Airship AI Holdings, Inc., a Washington corporation ("Airship AI"), and Byte Merger Sub Inc., a Washington corporation and wholly-owned subsidiary of BYTS ("Merger Sub"), pursuant to which BYTS will domesticate by way of continuation out of the Cayman Islands and into the State of Delaware and, thereafter, Merger Sub will merge with and into Airship AI, with Airship AI surviving as a wholly-owned subsidiary of BYTS (collectively, the "Business Combination").”

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

“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”).”

Airship AI Holdings, Inc. reported that prior financial statements should not be relied upon.

“concluded that the Company’s previously issued financial statements and other financial data as of March 31, 2023, filed with the SEC in the 2023 Q1 10-Q, should be restated and should no longer be relied upon.”

Airship AI Holdings, Inc.: Granted Class B ordinary shareholders right to convert shares to Class A on a one-for-one basis prior to closing of initial business combination (effective 2023-03-16).

“A proposal to amend the Company’s Articles to provide for the right of a holder of the Company’s Class B ordinary shares to convert into Class A ordinary shares on a one-for-one basis prior to the closing of an initial business combination at the election of the holder.”

Airship AI Holdings, Inc.: Extended deadline for initial business combination from March 23, 2023 to September 25, 2023 (effective 2023-03-16).

“A proposal to amend the Company’s Amended and Restated Memorandum and Articles of Association (the “Articles”) to extend the date by which the Company must (1) consummate a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination (an “initial business combination”), (2) cease its operations except for the purpose of winding up if it fails to complete such initial business combination, and (3) redeem all of the Class A ordinary shares, from March 23, 2023, to September 25, 2023 (the “Extended Date”).”

Airship AI Holdings, Inc. shareholders approved Amend the Articles to provide for conversion of Class B ordinary shares into Class A ordinary shares on a one-for-one basis prior to the closing of an initial business combination at the 2023-03-16 meeting.

“The Founder Share Amendment Proposal . A proposal to amend the Company’s Articles to provide for the right of a holder of the Company’s Class B ordinary shares to convert into Class A ordinary shares on a one-for-one basis prior to the closing of an initial business combination at the election of the holder. The Founder Share Amendment Proposal was approved. The final voting tabulation for this proposal was as follows: For Against Abstain 28,248,645 898,679 0”

Airship AI Holdings, Inc. shareholders approved Amend the Company's Articles to extend the business combination deadline from March 23, 2023 to September 25, 2023 at the 2023-03-16 meeting.

“The Extension Proposal . A proposal to amend the Company’s Amended and Restated Memorandum and Articles of Association (the “Articles”) to extend the date by which the Company must (1) consummate a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination (an “initial business combination”), (2) cease its operations except for the purpose of winding up if it fails to complete such initial business combination, and (3) redeem all of the Class A ordinary shares, from March 23, 2023, to September 25, 2023 (the “Extended Date”). The Extension Proposal was approved. The final voting tabulation for this proposal was as follows: For Against Abstain 28,248,645 898,679 0”

Airship AI Holdings, Inc. entered into Non-Redemption Agreements with certain of its existing shareholders valued at $0.033 per Share in cash per month (effective 2023-03-08).

“On March 8, 2023, BYTE Acquisition Corp. (the “Company”) entered into non-redemption agreements (collectively, the “Non-Redemption Agreements”) with certain of its existing shareholders (the “Non-Redeeming Shareholders”) holding Class A ordinary shares, par value $0.0001, of the Company (the “Class A Ordinary Shares”).”

Sam Gloor was elected as director at Airship AI Holdings, Inc..

“Simultaneously with Mr. Yamin’s resignation, the Board elected Sam Gloor to serve as a member of the Board.”

Danny Yamin resigned as director at Airship AI Holdings, Inc..

“On February 15, 2023, Danny Yamin, a member of the board of directors (the “Board”) of Byte Acquisition Corp., a Cayman Islands exempted company (the “Company”), resigned as a director of the Board.”

Sam Gloor was appointed as Chief Executive Officer at Airship AI Holdings, Inc..

“Simultaneously with Mr. Yamin’s resignation, the Board appointed Sam Gloor to serve as the Company’s Chief Executive Officer.”

Danny Yamin resigned as Chief Executive Officer at Airship AI Holdings, Inc..

“On November 30, 2022, Danny Yamin, Chief Executive Officer of Byte Acquisition Corp., a Cayman Islands exempted company (the “Company”), resigned as Chief Executive Officer of the Company.”