UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date
of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of principal executive offices, including zip code)
Registrant’s
telephone number, including area code: (
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
The Stock Market LLC | ||||
The Stock Market LLC | ||||
The Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01. Entry into a Material Definitive Agreement.
On December 14, 2023, BYTE Acquisition Corp. (“BYTS”) issued a promissory note (“Note”) to Byte Holdings, LLC (“Lender”). The Note evidences a working capital loan from Lender to BYTS in an aggregate principal amount of $480,219.44. The Note is non-interest bearing, non-convertible, and payable on the earlier of the date on which BYTS consummates its initial business combination or liquidates. If BYTS liquidates, the Note will be repaid only from funds held outside of the trust account established in connection with BYTS’ initial public offering.
The foregoing summary of the Note is qualified in its entirety by reference to the text of the Note, which is filed as Exhibit 10.1 hereto and is incorporated by reference herein.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information relating to the Note included in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.03 to the extent required.
Item 7.01. Regulation FD Disclosure.
On December 15, 2023, BYTS issued a press release announcing that it has adjourned the extraordinary general meeting (“Meeting”) seeking shareholder approval of the previously announced business combination with Airship AI Holdings, Inc. (“Airship AI”). The Meeting will reconvene at 4:30 p.m. ET on December 18, 2023, 2023. BYTS also announced that it is extending the time period for holders of Class A ordinary shares issued in BYTS’ initial public offering to demand redemption rights until 4:00 p.m. ET on December 18, 2023.
The press release is attached hereto as Exhibit 99.1 and incorporated by reference herein. The information in this Item 7.01, including Exhibit 99.1, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under that section, and shall not be deemed to be incorporated by reference into the filings of BYTS under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, regardless of any general incorporation language in such filings. This Current Report on Form 8-K will not be deemed an admission as to the materiality of any information of the information contained in this Item 7.01, including Exhibit 99.1.
Item 8.01. Other Events.
As previously disclosed, in connection with the proposed business combination (“Business Combination”) between BYTS and Airship AI, on August 1, 2023, BYTS entered into a non-redemption agreement (“Non-Redemption Agreement”) with Byte Holdings LP, BYTS’ sponsor (the “Sponsor”), pursuant to which the Sponsor agreed to acquire from BYTS’ public shareholders $6 million in aggregate value of BYTS’ Public Shares, either in the open market or through privately negotiated transactions, at a price no higher than the redemption price per share payable to public shareholders who exercise redemption rights with respect to their Public Shares, prior to the closing date of the Business Combination, to waive its redemption rights and hold the Public Shares through the closing date of the Business Combination, and to abstain from voting and not vote the Public Shares in favor of or against the Business Combination. As consideration for the Non-Redemption Agreement, BYTS agreed to pay the Sponsor $0.033 per Public Share per month, which will begin accruing on the date that is three days after the date of the Non-Redemption Agreement and terminate on the earlier of the closing date of the Business Combination, the termination of the Merger Agreement, dated as of June 27, 2023 and amended on September 22, 2023, between BYTS, Airship AI and the other parties thereto (the “Merger Agreement”), or the Outside Closing Date (as defined in the Merger Agreement).
The Sponsor acquired a total of 570,555 Public Shares pursuant to the Non-Redemption Agreement from a greater than 5% shareholder that is unaffiliated with BYTS, the Sponsor, Airship AI, or any of their officers or directors. Of such Public Shares, 500,000 shares were acquired at a price of $10.565 per share, for an aggregate purchase price of $5,282,500, and 70,555 shares were acquired at a price of $10.63 per share, for an aggregate purchase price of approximately $750,000. The purpose of such share purchases was to reduce the number of Public Shares electing to redeem in connection with the Business Combination. The Sponsor has waived its redemption rights with respect to the Public Shares. Accordingly, such shares are expected to increase the amount of funds that remain in BYTS’ trust account relative to the amount of funds remaining in the trust account had the Non-Redemption Agreement not been entered into.
In connection with the Business Combination, BYTS has received redemption requests from shareholders holding an aggregate of 1,067,990 Public Shares as of the filing of this Current Report on Form 8-K. Such number is subject to verification by BYTS’ transfer agent and is not final.
1
Important Information About the Business Combination and Where to Find It
The Business Combination will be submitted to shareholders of BYTS for their consideration. BYTS filed a definitive proxy statement/prospectus with the Securities and Exchange Commission (the “SEC”) on December 5, 2023, in connection with the Business Combination (the “Proxy Statement/Prospectus”). The definitive Proxy Statement/Prospectus was mailed to BYTS’ shareholders as of a record date for voting on the Business Combination. BYTS may also file other relevant documents regarding the Business Combination with the SEC. BYTS’ shareholders and other interested persons are advised to read the Proxy Statement/Prospectus and any amendments thereto in connection with BYTS’ solicitation of proxies for its extraordinary meeting of shareholders to be held to approve, among other things, the Business Combination, because these documents will contain important information about BYTS, Airship AI and the Business Combination. Shareholders may also obtain a copy of the definitive proxy statement as well as other documents filed with the SEC regarding the Business Combination and other documents filed with the SEC by BYTS, without charge, at the SEC’s website located at www.sec.gov or by directing a request to: BYTS’ Chief Executive Officer at 445 Park Avenue, 9th Floor, New York, NY 10022.
Participants in the Solicitation
BYTS and Airship AI and certain of their respective directors, executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the Business Combination under the rules of the SEC. Information about the directors and executive officers of BYTS and Airship AI and a description of their interests in BYTS, Airship AI and the Business Combination are set forth in the Proxy Statement/Prospectus, which document can be obtained free of charge from the sources indicated above.
Forward-Looking Statements
The disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include, but are not limited to, (1) statements regarding estimates and forecasts of other financial, performance and operational metrics and projections of market opportunity; (2) references with respect to the anticipated benefits of the proposed Business Combination and the projected future financial performance of Airship AI following the proposed Business Combination; (3) changes in the market for Airship AI’s services and technology, expansion plans and opportunities; (4) Airship AI’s unit economics; (5) the sources and uses of cash in connection with the proposed Business Combination; (6) the anticipated capitalization and enterprise value of Airship Pubco following the consummation of the proposed Business Combination; (7) the projected technological developments of Airship AI; (8) current and future potential commercial and customer relationships; (9) the ability to operate efficiently at scale; (10) anticipated investments in capital resources and research and development, and the effect of these investments; (11) the amount of redemption requests made by BYTS’ public shareholders; (12) the ability of Airship Pubco to issue equity or equity-linked securities in the future; (13) the failure to achieve the minimum cash at closing requirements; (14) the inability to obtain or maintain the listing of Airship Pubco’s common stock on Nasdaq following the proposed Business Combination, including but not limited to redemptions exceeding anticipated levels or the failure to meet Nasdaq's initial listing standards in connection with the consummation of the proposed Business Combination; and (15) expectations related to the terms and timing of the proposed Business Combination. These statements are based on various assumptions, whether or not identified in this release, and on the current expectations of BYTS’ and Airship AI’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of BYTS and Airship AI. These forward-looking statements are subject to a number of risks and uncertainties, as set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Proxy Statement/Prospectus, and in those other documents that BYTS has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. The risks and uncertainties above are not exhaustive, and there may be additional risks that neither BYTS nor Airship AI presently know or that BYTS and Airship AI currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward looking statements reflect BYTS’ and Airship AI’s expectations, plans or forecasts of future events and views as of the date of this Current Report on Form 8-K. BYTS and Airship AI anticipate that subsequent events and developments will cause BYTS’ and Airship AI’s assessments to change. However, while BYTS and Airship AI may elect to update these forward-looking statements at some point in the future, BYTS and Airship AI specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing BYTS’ and Airship AI’s assessments as of any date subsequent to the date of this release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
2
No Offer or Solicitation
This Current Report on Form 8-K shall not constitute an offer to sell, or a solicitation of an offer to buy, or a recommendation to purchase, any securities in any jurisdiction, or the solicitation of any vote, consent or approval in any jurisdiction in connection with the Business Combination, nor shall there be any sale, issuance or transfer of any securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful under the laws of such jurisdiction. This Current Report on Form 8-K does not constitute either advice or a recommendation regarding any securities. No offering of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act, or an exemption therefrom.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
Description | |
10.1 | Promissory Note, dated December 14, 2023. | |
99.1 | Press Release, dated December 15, 2023. | |
104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) |
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BYTE ACQUISITION CORP. | |||
By: | /s/ Sam Gloor | ||
Name: | Sam Gloor | ||
Title: | Chief Executive Officer and | ||
Chief Financial Officer | |||
Date: December 15, 2023 |
4
Exhibit 10.1
THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER THAT SUCH REGISTRATION IS NOT REQUIRED.
PROMISSORY NOTE
Principal Amount: up to $480,219.44 | Dated as of December 14, 2023 |
BYTE Acquisition Corp., a Cayman Islands exempted company (the “Maker”), promises to pay to the order of BYTE Holdings LLC, a Cayman Islands limited liability company or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of Four Hundred and Eighty Thousand Two Hundred and Nineteen Dollars and Forty-Four Cents ($480,219.44) on the Maturity Date (as defined below) in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately available funds to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note.
1. Principal. The entire unpaid principal balance of this Note shall be payable on the earlier of: (i) the date on which Maker consummates an initial business combination (the “Closing Date”) and (ii) the date of the liquidation of Maker (the earlier of such date and the Closing Date, the “Maturity Date”). The principal balance may not be prepaid. Under no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder. The Payee understands that if a business combination is not consummated, this Note will be repaid solely to the extent that the Maker has funds available to it outside of the trust account (the “Trust Account”) in which the proceeds of the initial public offering (the “IPO”) conducted by the Maker and the proceeds of the sale of the units issued in a private placement that occurred simultaneously with to the closing of the IPO were deposited, as described in greater detail in Maker’s Registration Statement on Form S-1 (333-253618) filed with the Securities and Exchange Commission in connection with the IPO, and that all other amounts will be forfeited, eliminated or otherwise forgiven.
2. Interest. No interest shall accrue on the unpaid principal balance of this Note.
3. Application of Payments. All payments received by Payee pursuant to this Note shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorneys’ fees, then to the reduction of the unpaid principal balance of this Note.
4. Events of Default. The following shall constitute an event of default (“Event of Default”):
(a) Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of the Maturity Date.
(b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.
(c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.
5. Remedies.
(a) Upon the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.
(b) Upon the occurrence of an Event of Default specified in Sections 4(b) or 4(c), the unpaid principal balance of this Note, and all other amounts payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.
6. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to this Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.
7. Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder. Any failure of Payee to exercise any right hereunder shall not be construed as a waiver of the right to exercise the same or any other right at any time and from time to time thereafter. Payee may accept late payments, or partial payments, even though marked “payment in full” or containing words of similar import or other conditions, without waiving any of its rights.
8. Notices. All notices, statements or other documents which are required or contemplated by this Note shall be: in writing and delivered (i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.
9. Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.
10. Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
11. Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the Trust Account, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.
12. Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.
13. Assignment. This Note binds and is for the benefit of the successors and permitted assigns of Maker and the Payee. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.
[Signature page follows]
2
IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.
BYTE ACQUISITION CORP. | ||
By: | /s/ Samuel Gloor | |
Name: | Samuel Gloor | |
Title: | Chief Executive Officer and Chief Financial Officer |
Accepted and Agreed:
BYTE HOLDINGS LLC
By: BYTE HOLDINGS GP CORP.
By: | /s/ Vadim Komissarov | |
Name: | Vadim Komissarov | |
Title: | Director |
3
Exhibit 99.1
BYTE Acquisition Corp. Announces Adjournment of Shareholder Meeting to Approve Business Combination with Airship AI
Redemption Deadline Extended to 4:00 p.m. ET on December 18, 2023
NEW YORK, December 15, 2023 – BYTE Acquisition Corp. (the “Company” or “BYTE”) (Nasdaq: BYTS), a special purpose acquisition company, today announced that it has adjourned the extraordinary general meeting (the “Meeting”) seeking shareholder approval of the previously announced business combination with Airship AI Holdings, Inc. (“Airship AI”). The Meeting will reconvene at 4:30 p.m. ET on December 18, 2023. The Meeting will still be held virtually via live webcast at https://www.cstproxy.com/byteacquisition/egm2023 and the physical location of the Meeting will be at the offices of White & Case LLP at 1221 Avenue of the Americas, New York, New York 10020.
The Company also announced that it is extending the time period for holders of Class A ordinary shares issued in the Company’s initial public offering (“Public Shares”) to demand redemption rights until 4:00 p.m. ET on December 18, 2023.
Shareholders of record as of November 21, 2023 are entitled to vote at the Meeting. Shareholders who have not yet done so are encouraged to vote as soon as possible. If any such shareholders have questions or need assistance in connection with the Meeting, please contact the Company’s proxy solicitor, Morrow Sodali LLC, by calling (800) 662-5200, or banks and brokers can call collect at (203) 658-9400, or by emailing BYTS.info@morrowsodali.com.
Shareholders may withdraw redemptions with the Company’s consent at any time until the closing of the business combination. Shareholders may request to reverse their redemption by contacting the Company’s transfer agent, Continental Stock Transfer & Trust Company, at 1 State Street, 30th Floor, New York, New York 10004, Attn: SPAC Redemption Team, or by email at spacredemptions@continentalstock.com.
About BYTE Acquisition Corp.
BYTE is a technology-focused blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses or entities.
About Airship AI Holdings, Inc.
Founded in 2006, Airship AI is a U.S. owned and operated technology company headquartered in Redmond, Washington. Airship AI is an AI-driven video, sensor and data management surveillance platform that improves public safety and operational efficiency for public sector and commercial customers by providing predictive analysis of events before they occur and meaningful intelligence to decision makers. Airship AI’s product suite includes Outpost AI edge hardware and software offerings, Acropolis enterprise management software stack, and Command family of visualization tools.
For more information, visit https://airship.ai.
Additional Information and Where to Find It
This press release is provided for information purposes only and contains information with respect to a proposed business combination (the “Proposed Business Combination”) among Airship AI, BYTE and BYTE Merger Sub, Inc., a wholly-owned subsidiary of BYTE, in connection with the transactions contemplated in the business combination agreement. In connection with the Proposed Business Combination, BYTE has filed with the SEC a Registration Statement on Form S-4, which includes the Proxy Statement/Prospectus (as amended from time to time, the “Registration Statement”). A full description of the terms of the Proposed Business Combination is provided in the Registration Statement. BYTE urges investors, shareholders and other interested persons to read the Registration Statement as well as other documents filed with the SEC because these documents will contain important information about BYTE, Airship AI and the Proposed Business Combination. Shareholders and other interested persons will also be able to obtain a copy of the Proxy Statement/Prospectus, without charge, by directing a request to: BYTE Acquisition Corp., 445 Park Avenue, 9th Floor, New York, NY 10022. The definitive Proxy Statement/Prospectus can also be obtained, without charge, at the SEC’s website (www.sec.gov). The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.
No Offer or Solicitation
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, or a recommendation to purchase, any securities in any jurisdiction, or the solicitation of any vote, consent or approval in any jurisdiction in respect of the Proposed Business Combination, nor shall there be any sale, issuance or transfer of any securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful under the laws of such jurisdiction. This press release does not constitute either advice or a recommendation regarding any securities. No offering of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom.
Participants in the Solicitation
BYTE and Airship AI and their respective directors and executive officers may be considered participants in the solicitation of proxies with respect to the Proposed Business Combination described herein under the rules of the SEC. Information regarding the interests of participants in the solicitation of proxies in connection with the Proposed Business Combination is included in the Proxy Statement/Prospectus. You may obtain free copies of these documents as described above.
Forward-Looking Statements
The disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include, but are not limited to, (1) statements regarding estimates and forecasts of other financial, performance and operational metrics and projections of market opportunity; (2) references with respect to the anticipated benefits of the Proposed Business Combination and the projected future financial performance of Airship AI following the Proposed Business Combination; (3) changes in the market for Airship AI’s services and technology, expansion plans and opportunities; (4) Airship AI’s unit economics; (5) the sources and uses of cash in connection with the Proposed Business Combination; (6) the anticipated capitalization and enterprise value of the combined company following the consummation of the Proposed Business Combination; (7) the projected technological developments of Airship AI; (8) current and future potential commercial and customer relationships; (9) the ability to operate efficiently at scale; (10) anticipated investments in capital resources and research and development, and the effect of these investments; (11) the amount of redemption requests made by BYTE’s public shareholders; (12) the ability of the combined company to issue equity or equity-linked securities in the future; (13) the failure to achieve the minimum cash at closing requirements; (14) the inability to obtain or maintain the listing of the combined company’s common stock on Nasdaq following the Proposed Business Combination, including but not limited to redemptions exceeding anticipated levels or the failure to meet Nasdaq’s initial listing standards in connection with the consummation of the Proposed Business Combination; and (15) expectations related to the terms and timing of the Proposed Business Combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of BYTE’s and Airship AI’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of BYTE and Airship AI. These forward-looking statements are subject to a number of risks and uncertainties, as set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Registration Statement and the other documents that BYTE has filed, or will file, with the SEC relating to the Proposed Business Combination. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. The risks and uncertainties above are not exhaustive, and there may be additional risks that neither BYTE nor Airship AI presently know or that BYTE and Airship AI currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward looking statements reflect BYTE’s and Airship AI’s expectations, plans or forecasts of future events and views as of the date of this press release. BYTE and Airship AI anticipate that subsequent events and developments will cause BYTE’s and Airship AI’s assessments to change. However, while BYTE and Airship AI may elect to update these forward-looking statements at some point in the future, BYTE and Airship AI specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing BYTE’s and Airship AI’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Contacts
Sam Gloor
CEO & CFO
BYTE Acquisition Corp.
sam.gloor@bytespac.com
+1 (917) 969-9250
Airship AI Investor Contact:
Chris Tyson/Larry Holub
MZ North America
949-491-8235
AISP@mzgroup.us
JQ"(6,P$ "(" / M " ; 1 !X;"]W;W)K8F]O:RYX;6Q02P$"% ,4 " "&G8]7)!Z; MHJT #X 0 &@ @ $0$P >&PO7W)E;',O=V]R:V)O;VLN M>&UL+G)E;'-02P$"% ,4 " "&G8]799!YDAD! #/ P $P M @ 'U$P 6T-O;G1E;G1?5'EP97-=+GAM;%!+!08 "0 ) #X" _ %%0 ! end
15:@G'BY
M-MO3_@_)5K;";6^Q_C(%%3%MM3C.K]UGBSXH@7"N6 2]) QK>_7U5?J%_GYM
M>=M!?LAQ^1-02P,$% @ AIV/5^H\( Q2"0 DFL !4 !B>71S+3(P
M,C,Q,C$U7V1E9BYX;6S575M3XS@:?=^J_0^>['.N#+O;3+-3(0U3J>EN&$)W
M[^P+I=A*HD*14I(,R;]?R9=@Q_ILAP%A\P")?20=G2-+^FS)?/QUNZ;>(Q:2
M<';>&?8&'0\SGP>$+<\[WV;=\6PRG78\J1 +$.4,GW<8[_SZG[__S=,_'W_J
M=KTK@FEPYGWB?G?*%OP7[RM:XS/O-\RP0(J+7[SOB(;F"+\B% MOPM<;BA76
M)^*"S[S3WFB O&ZW1K[?,0NX^'8[W>>[4FHCS_K]IZ>G'N./Z(F+!]GS^;I>
MAC.%5"CWN0VV@^0G3OZ1$O9P9G[-D<2>UHO)LZTDYQU3;E+LTTF/BV5_-!@,
M^__]\GGFK_ :=0DSNOFXDZ8RN=C2#3]\^-"/SJ;0 G([%S0MXZ2?TMGGK,\&
M:I\@"S[MQR>S4%*2=8:T)& 2*(]^XT7;6D%NO A@D>:XA'I3C"G^,T41TPQ#*$
"V-Y4X$\H2_6)_3%(7FU3>GS9BL.R^9'N][:WB?1
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M\3B85RSE*\5RN?QWUNX]:VF[.&.5]]RXV"B(TD2(];SO8:
M2WPFV;NHV%OI/:GV7C]O;QR/3[W/U6/QZ^V%URV;MKSDR@OS7Y35=M 963)=+5VUAPL@=WW
M#'XUJS:$B,[VN7LI?+:WU_CITM$7T'V[3V;:'W@BQ_EMHW50K(T'(Z/T<_KL
MH2>CS#6^V>85:!S9U=C2XF$4^/;W5VFS2M,>V8(^F(4&E9;3X.ZM>SI_+?$)
M62C#QOW^_##3Q&T_J8E[,']HW4]?>DUAKGXUGI<_7H<1^G4CT.J3F:GG.I('
MF._T4U'_^*5\X*[^%/,]VV%,:RS)W86./-8'5<:
L7#B
M/3KZ(DT>2JHIB/Y?O#4S1"H^"F-&UO@'Q _Y[DVINHP7&J/.EE(AY4/B$U9+
M*3T'B(9KM'=T'MJ[A+E"BZ9Q3Q9-77,72U3!*0.@)<%R\7%$,+-(6-RHZT>[
M"VE=6&T&"(^#EY@K+9!"8J)V,AV)1APQ$7PKHXM7=)*'$?8$SG&0MC;WL.=4
M5Q(>6T)Y5,L*<-.
@''_7F":$5T=A'PG-Q3I+"CTJ%D0C/V8[ ^@TLG"[#0E/A1
ME0D10WE:I%E-%T)IY%!=%9L8)FK.P)(^V@ P]BKW$I8E-SQ,K7PFFVG!.$>>A2Q$PIM+C1/D'/(G'C/5?^-:(^U_:54V\>3.EB9UU\WW['0XA54'"E"@BF0F=>BIXTA&M,;^>BZE$H26
MI,R*NY)9I$D:C\2V?LE#X(T0Q0@:W4PU2"%A&&H$Z'I,JB,1.T ]T-2/"@.J
M9PP"T$B# ")