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Loeb Represents Airship AI Holdings in its Business Combination with BYTE Acquisition

Loeb & Loeb represented Airship AI Holdings, Inc. (“Airship AI”), a robust 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 (“AI”) analytics, and provides visualization tools to improve decision making in mission critical environments, in its definitive agreement for a business combination with special purpose acquisition (SPAC) company BYTE Acquisition Corp. (NASDAQ: BYTS). 

According to the press release, upon closing of the transaction, subject to approval by BYTE’s shareholders and Airship AI’s shareholders and other customary requirements, the combined company is expected to list on the Nasdaq under the ticker symbol “AISP.” The transaction is expected to close in the third quarter of 2023. 
In addition, pursuant to the business combination agreement, BYTE will acquire Airship AI for a pre-money equity value of $225 million. In connection with the transaction, BYTE will issue 22.5 million newly issued shares to current shareholders of Airship AI. Equityholders of Airship AI as of the date of the business combination agreement will also receive the contingent right to receive up to 5 million additional shares, subject to Airship AI’s achievement of the earlier of share performance milestones and operating performance milestones. 

The Loeb & Loeb deal team that represented Airship AI Holdings, Inc. in this transaction included Mitch Nussbaum, co-chair of Loeb & Loeb’s Capital Markets & Corporate department; partners David Levine and Rima Moawad; and associate Dinh Doan

For more information, please see the company’s press release.