Financial Performance - For the three months ended March 31, 2024, the company reported a net income of $595,376, consisting of $754,312 earned on investments held in the Trust Account, offset by a loss of $158,936 from formation and operating costs[79]. - The company has not engaged in any operations or generated revenues to date, with activities limited to organizational efforts and preparing for the IPO[78]. IPO and Fundraising - The company generated gross proceeds of $60,000,000 from its IPO of 6,000,000 Units at $10.00 per Unit, along with an additional $2,325,000 from the sale of 232,500 Private Placement Units[80]. - The net proceeds from the IPO and Private Placement Units will be invested in U.S. government treasury bills or money market funds, minimizing exposure to interest rate risk[85]. - The company has granted the underwriter a 45-day option to purchase up to an additional 900,000 Units at the IPO price to cover over-allotment[81]. Cash and Working Capital - As of March 31, 2024, the company's cash and cash equivalents totaled $331,872, which will be primarily used for identifying and evaluating target businesses[82]. - As of March 31, 2024, the company had a working capital of $197,994 and anticipates incurring significant costs in pursuit of its financing and acquisition plans[84]. Business Combination Plans - The company expects to incur approximately $200,000 in legal, accounting, due diligence, and other fees related to the business combination, along with $100,000 for regulatory reporting obligations[83]. - The company has not selected any specific business combination target and has not engaged in substantive discussions regarding potential targets[77]. Regulatory Status - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[88].
Bayview Acquisition(BAYA) - 2024 Q1 - Quarterly Report