Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $1,046,525, compared to a net loss of $271,548 for the same period in 2022[124]. - Cash used in operating activities for the three months ended March 31, 2023, was $561,217, while for the same period in 2022, it was $607,520[128][129]. Initial Public Offering - The company completed its Initial Public Offering on February 11, 2022, raising gross proceeds of $150,000,000 from the sale of 15,000,000 Units[125]. - The company incurred $16,724,021 in Initial Public Offering related costs, with $16,343,583 reported in temporary equity[127]. - 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[136]. Trust Account and Marketable Securities - As of March 31, 2023, the company had marketable securities in the Trust Account totaling $180,452,430, primarily invested in U.S. Treasury securities[130]. - The company intends to use substantially all funds in the Trust Account to complete its business combination and for working capital of the target business[131]. Business Combination and Obligations - The company has until August 11, 2023, to consummate a business combination, with a potential mandatory liquidation if not completed by this date[133]. - The company has a contractual obligation to pay the Sponsor $10,000 per month for administrative support services until the completion of the business combination[135]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2023[134].
Bynordic Acquisition Corporation(BYNOU) - 2023 Q1 - Quarterly Report