Airship AI Holdings and BYTE Acquisition today announced completion of their business combination. BYTE shareholders approved the deal Dec. 19.
BYTE has not disclosed redemptions. The SPAC went into the vote with about $19.5 million in its trust, after raising $300 million in a May 2021 IPO.
Airship is an AI-driven video, sensor and data management surveillance platform that provides complex automated monitoring, predictive event analysis and intelligence to large institutions operating in dynamic and mission-critical environments with rapidly increasing volumes of data and data sources, according to the announcement.
Airship stock and warrants will begin trading tomorrow on the Nasdaq under the ticker symbols AISP and AISPW.
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 had a pre-money equity value of $225 million.
Roth Capital Partners served as exclusive M&A advisor to Airship AI. Loeb & Loeb was legal advisor to Airship and White & Case was counsel to BYTE. Read more.
