BYTE Acquisition called a Dec. 15 meeting for shareholders to vote on its proposed merger with Airship AI Holdings. A definitive proxy was filed earlier this week with the SEC.
The target is an AI-driven edge video, sensor and data management platform for government agencies and enterprises that gathers unstructured data from surveillance cameras and sensors, applies artificial intelligence analytics, and provides visualization tools to improve decision making in mission critical environments.
The deal was announced in June at a pre-money equity value of $225 million.
Airship AI shareholders will not receive any cash proceeds as part of the transaction and will roll 100% of their equity into the combined company. Assuming no BYTE shareholders exercise their redemption rights, gross proceeds of approximately $25 million will be released to the combined company from the SPAC’s trust account. Read more.
