Bayview Acquisition Corp(US:BAYAU)2025-05-20 21:50Financial Performance - The company generated net income of $143,915 for the three months ended March 31, 2025, primarily from interest income of $414,374, offset by operating costs of $270,459 [84]. - For the three months ended March 31, 2024, the company reported a net income of $595,376, consisting of $754,312 from investments held in the Trust Account, offset by a loss of $158,936 from operating costs [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 [86]. - An additional $2,325,000 was raised from the sale of 232,500 Private Placement Units at the same price, bringing total gross proceeds to $62,325,000 [86]. Cash and Investments - As of March 31, 2025, the company held $52,601 in cash and cash equivalents, which will be used for identifying and evaluating target businesses [88]. - The company plans to invest the net proceeds from the IPO in U.S. government treasury bills or money market funds, minimizing exposure to interest rate risk [92]. Expenses and Obligations - The company expects to incur approximately $200,000 in legal and accounting 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 - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards [95]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years post-IPO [96].