BYTE Acquisition in a regulatory filing said this week it entered into a non-redemption agreement with its sponsor, which agreed to acquire $6 million in stock from shareholders who exercise redemption rights. In return, the SPAC agreed to pay the sponsor 3.3 cents a share per month until the SPAC closes its deal with Airship AI.
Additionally, BYTE signed a separate non-redemption agreement with an existing shareholder who agreed not to redeem $1 million in stock. The filing does not state how much or even whether this investor would be compensated for the non-redemption agreement.
BYTE in June announced a deal with Airship AI Holdings.
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.
BYTE at deal announcement said it would acquire Airship AI for a pre-money equity value of $225 million. Gross proceeds of approximately $25 million would be released to the combined company from the SPAC’s trust account. Those figures are based on zero redemptions. Read more.
