Bayview Acquisition(US:BAYA)2025-05-20 21:50Company Overview - Bayview Acquisition Corp. was incorporated on February 16, 2023, as a blank check company for the purpose of effecting a business combination, and has generated no revenues to date[82]. Financial Performance - As of March 31, 2025, Bayview reported a net income of $143,915, primarily from interest earned on marketable securities and bank interest income of $414,374, offset by formation and operating costs of $270,459[84]. IPO and Fundraising - The company completed its IPO on December 19, 2023, raising gross proceeds of $60,000,000 from the sale 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[86]. - Funds from the IPO and Private Placement are held in a trust account and may be invested in U.S. government securities with a maturity of 185 days or less[86][92]. Cash Management - As of March 31, 2025, Bayview's cash and cash equivalents totaled $52,601, which will be used for identifying and evaluating target businesses and conducting due diligence[88]. - Bayview intends to use substantially all funds in the trust account to complete its initial business combination, with the possibility of withdrawing interest to pay taxes[87]. Expenses and Obligations - 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 $475,000[90]. - The company has no off-balance sheet arrangements or contractual obligations as of March 31, 2025[94]. Regulatory Status - Bayview qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[95]. - The company may rely on reduced reporting requirements under the JOBS Act for a period of five years following the IPO[96].