BYTE Acquisition Corporation Announces Pricing of $300 Million Initial Public Offering

Rhea-AI Summary

BYTE Acquisition Corporation has priced its IPO at $10.00 per unit, offering 30,000,000 units on Nasdaq under the symbol 'BYTSU'. Trading begins on March 19, 2021, with the offering closing expected on March 23, 2021. Each unit includes one Class A ordinary share and half a warrant to purchase another share at $11.50. The company aims to pursue mergers or acquisitions, particularly in the Israeli technology sector, focusing on areas like AI, fintech, and cybersecurity. Citigroup Global Markets Inc. serves as the sole book-running manager for the offering.

Positive

• Successful pricing of IPO at $10.00 allows for a potential capital raise of $300 million.
• Focus on high-growth sectors in Israeli technology could lead to lucrative acquisition opportunities.

Negative

• No assurance that the offering will be completed as planned; subject to numerous conditions.
• Potential dilution of shares if the underwriter exercises the option for an additional 4,500,000 units.

BYTE Acquisition Corporation (the “Company”), a special purpose acquisition company, today announced the pricing of its initial public offering of 30,000,000 units at a price of $10.00 per unit. The units will be listed on The Nasdaq Capital Market (“Nasdaq”) and will begin trading on March 19, 2021, under the ticker symbol "BYTSU". The offering is expected to close on March 23, 2021, subject to customary closing conditions.

BYTE Acquisition Corporation is a newly formed blank check company incorporated as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities, which we refer to as our initial business combination. While the Company may pursue an acquisition opportunity in any industry or sector, we intend to focus our search for targets in the Israeli technology industry, including those engaged in enterprise software, SaaS, cybersecurity, cloud computing, artificial intelligence (“AI”) and robotics, fintech, automotive technology, semiconductors, medical technology and that offer differentiated technology platforms and products.

Each unit issued in the offering consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units commence separate trading, the Class A ordinary shares and warrants are expected to be respectively listed on Nasdaq under the symbols “BYTS” and “BYTSW”. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.

Citigroup Global Markets Inc. is acting as sole book-running manager for the offering. The Company has granted the underwriter a 45-day option from the date of the final prospectus to purchase up to an additional 4,500,000 units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to the securities became effective on March 17, 2021. The offering is being made only by means of a prospectus, which forms a part of the registration statement. Copies of the prospectus may be obtained, when available, for free by visiting EDGAR on the Securities and Exchange Commission (the “SEC”) website at www.sec.gov. Alternatively, copies may be obtained, when available, from Citigroup Global Markets Inc., Attention: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at 800-831-9146.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for a Business Combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and prospectus filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210318006061/en/

FAQ

What is the initial public offering price of BYTE Acquisition Corporation?

The IPO price is set at $10.00 per unit.

When will BYTE Acquisition Corporation begin trading on Nasdaq?

Trading will begin on March 19, 2021.

What does each unit in the BYTE IPO consist of?

Each unit consists of one Class A ordinary share and one-half of one redeemable warrant.

What sectors is BYTE Acquisition Corporation targeting for acquisitions?

BYTE intends to focus on the Israeli technology sector, including AI, fintech, and cybersecurity.

Who is managing the BYTE Acquisition Corporation IPO?

Citigroup Global Markets Inc. is acting as the sole book-running manager.