Financial Performance - As of September 30, 2024, the company reported a net income of $583,558 for the three months ended September 30, 2024, and a net income of $1,771,223 for the nine months ended September 30, 2024, primarily from interest income on investments held in the Trust Account[82]. - The company has incurred a net loss of $3,823 for the three months ended September 30, 2023, and a total net loss of $6,928 since its inception on February 16, 2023, through September 30, 2023[83]. 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 on December 19, 2023, and an additional $2,325,000 from the sale of 232,500 Private Placement Units[84]. - Transaction costs related to the issuances amounted to $4,341,321, including $1,200,000 in cash underwriting fees, $2,100,000 in deferred underwriting fees, and $1,041,321 in other offering costs[108]. Working Capital and Financial Position - As of September 30, 2024, the company had a working capital deficit of $308,229 and cash and cash equivalents of $225,472[86][88]. - The company has no off-balance sheet arrangements or material commitments as of September 30, 2024[90]. Business Combination and Future Plans - The company expects to incur approximately $200,000 in legal, accounting, and due diligence fees related to the business combination, along with other operational expenses totaling around $375,000[87]. - The company has not yet selected a specific business combination target and has not engaged in substantive discussions regarding potential targets[81]. - The company plans to invest the net proceeds from the IPO and Private Placement Units in U.S. government securities or money market funds, minimizing exposure to interest rate risk[89]. Internal Controls - The company has identified a material weakness in its internal control over financial reporting due to a lack of qualified SEC reporting professionals[99]. - The company intends to implement remediation steps to improve its internal controls and enhance its review process for complex securities and accounting standards[99]. Shareholder Activity - A special meeting on September 16, 2024, allowed stockholders to redeem 2,290,989 Ordinary Shares at approximately $10.39 per share, totaling an aggregate redemption amount of approximately $23,803,376[109]. - Following the redemptions, the company has 5,441,511 ordinary shares outstanding[109].
Bayview Acquisition(BAYA) - 2024 Q3 - Quarterly Report