Ignyte Acquisition Corp. functioned as a special purpose acquisition company, established to complete a significant merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or another similar business combination with one or more businesses or entities. Formed in 2020 and based in New York, New York, the entity successfully consummated its business combination with Peak Bio, Inc. on November 1, 2022. Following this transaction, the combined enterprise now operates under the name Peak Bio, Inc., focusing on its biopharmaceutical initiatives, with its common stock and warrants trading under new symbols.