Business Context and Reporting Period
This Form 8-K is filed by BYTE Acquisition Corp. (not Airship AI Holdings, Inc.) on May 12, 2023. The registrant is a Cayman Islands-based special purpose acquisition company (SPAC) listed on the Nasdaq Stock Market. The filing addresses a correction regarding redemption payments made to shareholders following the approval of amendments to extend the deadline for completing an initial business combination.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, or cash flow data. It specifically details the following redemption metrics:
- Shares Redeemed: 30,006,034 Class A ordinary shares.
- Initial Redemption Price Paid: Approximately $10.20 per share.
- Corrected Redemption Price: Approximately $10.22 per share.
- Additional Payment Required: Approximately $0.02 per share.
Material Changes and Events
The primary event reported is a third-party administrative error in calculating accrued interest on the trust account. Consequently, the initial redemption payments were underpaid by approximately $0.02 per share. The trustee, Continental Stock Transfer & Trust Company (CST), has committed to promptly issuing the additional payment to the redeeming shareholders to rectify the discrepancy.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future operations, or discussion of general business risks. The only contingency noted is the administrative correction of the redemption payment, which is being resolved by the trustee.
Investor Verification Checklist
- Verify the receipt of the additional $0.02 per share payment from the trustee (CST).
- Confirm the total number of shares held and the specific redemption amount due based on the corrected $10.22 rate.
- Contact CST at spacredemptions@continentalstock.com for specific inquiries regarding the payment status.