BYTE Acquisition (Nasdaq: BYTS) announced that it has again adjourned a meeting for shareholders to vote on the proposed business combination with Airship AI Holdings. The meeting was adjourned Dec. 15 until yesterday, then adjourned again and will now reconvene today at 4:30 p.m.
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.
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.
At deal announcement in June, Airship was due to receive $25 million in proceeds, which assumed no redemptions by BYTE shareholders. The transaction has a pre-money equity value of $225 million. Read more.
