Business Context and Reporting Period
This Form 8-K is filed by Byte Acquisition Corp. (not Airship AI Holdings, Inc.) on April 7, 2021. The registrant is a Cayman Islands emerging growth company reporting on the partial exercise of an over-allotment option following its initial public offering (IPO).
Key Financial Metrics
- Over-Allotment Proceeds: $23,692,510 generated from the sale of 2,369,251 additional Units.
- Unit Price: $10.00 per Unit.
- Warrant Exercise Price: $11.50 per share.
- Private Placement: $10,300,000 previously raised from the Sponsor (Byte Holdings LP) for 1,030,000 Private Placement Units.
- Total IPO Gross Proceeds (Initial): $300,000,000 from 30,000,000 Units.
Material Changes
On April 7, 2021, the underwriters exercised the over-allotment option in part, purchasing 2,369,251 additional Units. This represents a partial exercise of the 45-day option to purchase up to 4,500,000 additional Units granted during the March 23, 2021 IPO closing.
Outlook and Management Commentary
The filing confirms the closing of the over-allotment via a press release (Exhibit 99.1). The filing does not provide specific forward-looking guidance, risk factors, or management commentary beyond the transaction details. No unusual items or contingencies are disclosed in this specific report.
Investor Verification Checklist
- Verify the total number of Units outstanding after the partial over-allotment exercise.
- Confirm the amount of funds deposited into the trust account resulting from the over-allotment proceeds.
- Review the attached press release (Exhibit 99.1) for any additional terms regarding the remaining unexercised over-allotment option.
- Note that the filing entity is Byte Acquisition Corp., not Airship AI Holdings, Inc.