BYTE Acquisition in a regulatory filing said it entered into an amendment to the non-redemption agreement signed in March with an existing shareholder owning 1 million Class A shares.
Under the agreement, the shareholder agreed to not redeem any shares held by them through the deadline extension period from Sept. 25 to Dec. 26. The measure also allows the company’s board to further extend by three months until March 26, 2024.
Byte agreed to extend its obligation to pay the non-redeeming shareholder 3.3 cents per share in cash per month through the extended date and additional extension, if it is used. Those compensation terms match a separate NRA the SPAC secured last month 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.
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 were based on zero redemptions. Read more.
