BYTE Acquisition Corporation, a special purpose acquisition company, has raised $300million in an initial public offering (IPO) with the intent on targeting Israeli companies in the technology space.
BYTE Acquisition Corporation is a newly formed blank check company focusing on Israeli firms in sectors including cybersecurity, automotive technology, fintech, enterprise software, and cloud computing.
According to BYTE, Israel is an incredibly unique region behind some of the most significant innovations and technology success stories in the world. It says Israel boasts more public companies in Nasdaq than any other country and with 50 unicorns it is only behind the US and China.
Led by executive chairman Kobi Rozengarten, the CEO of Rozengarten Management, and CEO and director Danny Yamin, a former VP of Microsoft, the company is incorporated as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganisation, or similar business combination with one or more businesses or entities.
The units began trading on The Nasdaq Capital Market (Nasdaq) on 19 March 2021, under the ticker symbol BYTSU. 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.
BYTE has offered Citigroup Global Markets, which acted as sole book-running manager for the offering, 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.
According to BYTE, SPAC vehicle is relatively new to Israeli companies and thought leaders but its ‘intimate knowledge and connections within this market will help it identify targets that can best utilise the tool’.
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