IPO and Fundraising - The company completed its Initial Public Offering (IPO) on February 11, 2022, raising gross proceeds of $150 million from the sale of 15,000,000 Units at $10.00 per Unit [132]. - An additional $22.5 million was generated from the sale of 2,250,000 Units due to the underwriters' full exercise of their over-allotment option [133]. - The company incurred $16,724,021 in IPO-related costs, with $16,343,583 reported in temporary equity [134]. - The underwriters are entitled to a deferred underwriting discount of 3.5% of the gross proceeds of the IPO, amounting to $6,037,500, upon completion of the Business Combination [144]. Financial Position - As of March 31, 2022, the company had $175,950,713 in marketable securities held in the Trust Account, primarily invested in U.S. Treasury securities [136]. - As of March 31, 2022, the company had cash of $1,235,078 held outside the Trust Account, intended for operational expenses related to the Business Combination [138]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2022 [142]. Operating Performance - For the three months ended March 31, 2022, the company reported a net loss of $271,548, primarily due to formation and operating costs [130]. - Cash used in operating activities for the three months ended March 31, 2022, was $607,520, with a net loss impacted by interest earned on marketable securities [135]. Business Combination Timeline - The company has until May 2023 to complete a Business Combination, with a potential extension to August 2023 [141].
Bynordic Acquisition Corporation(BYNOU) - 2022 Q1 - Quarterly Report