BYTE (BYTS) Completes Airship AI Deal

BYTE (BYTS) Completes Airship AI Deal

BYTE Acquisition Corp. (NASDAQ: BYTS) announced this morning that it has completed its business combination with video, sensor and data management platform Airship AI. Shareholders already approved the deal at a meeting held on December 19.

The combined company has now been renamed to “Airship AI Holdings, Inc.” Beginning at the open of trading on December 22, the company’s common stock and warrants will trade on Nasdaq under the ticker symbols “AISP” and “AISPW,” respectively.

BYTE has not yet disclosed redemption numbers, but went into its completion vote with an aggregate of 94.32% of its trust already redeemed from previous extensions. Prior to redemptions from this week’s meeting, it had $19.5 million left in its trust.

The SPAC announced its $303 million combination with Airship AI in June, but signed a non-binding letter of intent with the target in March. Redmond, Washington-based Airship AI develops and provides AI-driven video and sensor management software and services to a wide range of government, law enforcement, and commercial customers.

The Airship AI team hopes to utilize this transaction, combined with its $163 million pipeline, to accelerate the delivery of its AI-driven edge video, sensor and data management platform.

As part of that pipeline, the company recently began delivery of multiple firm fixed price contracts worth $10.9 million, awarded by an agency within the Department of Homeland Security, for advanced integrated solutions supporting real-time intelligence collection operations along the United States’ borders.