Airship AI Holdings, Inc., previously known as BYTS, has filed an amended version of its Form 8-K/A with the SEC, correcting its unaudited pro forma condensed combined financial information. The amendment, dated February 6, 2024, reclassifies a portion of the Earnout Shares as a liability. This follows the company's merger with Airship AI, which was completed on December 21, 2023, after BYTS domesticated as a Delaware corporation on December 20, 2023. The merger was accounted for as a reverse recapitalization, with Airship AI being the accounting acquirer. The unaudited pro forma financial statements combine historical financial information of both companies, adjusted for the business combination and related transactions, as if they had occurred at the beginning of the earliest period presented. The financial results...Show More

Airship AI Holdings, Inc., previously known as BYTS, has filed an amended version of its Form 8-K/A with the SEC, correcting its unaudited pro forma condensed combined financial information. The amendment, dated February 6, 2024, reclassifies a portion of the Earnout Shares as a liability. This follows the company's merger with Airship AI, which was completed on December 21, 2023, after BYTS domesticated as a Delaware corporation on December 20, 2023. The merger was accounted for as a reverse recapitalization, with Airship AI being the accounting acquirer. The unaudited pro forma financial statements combine historical financial information of both companies, adjusted for the business combination and related transactions, as if they had occurred at the beginning of the earliest period presented. The financial results are for illustrative purposes only and may not be indicative of future results or actual results had the companies always been combined. The merger agreement also included provisions for Earnout Shares, contingent on achieving certain performance and market-based milestones. The Earnout Shares have been categorized into Vested Shares and Unvested Shares, with the Vested Shares classified as liabilities due to the variability in the number of shares at settlement. The Earnout Shares are subject to a lock-up period of 180 days post-closing, with additional shares issued upon satisfaction of the First Operating Performance Milestone subject to a 12-month lock-up period.