byNordic Acquisition (BYNO) - 2023 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $1,392,953, which included earnings on cash and investments of $2,225,880, offset by operating costs of $375,992 and federal income taxes of $456,935 [61]. - The company generated non-operating income from interest on marketable securities held in the Trust Account, with no operating revenues expected until after a Business Combination [258]. - The company has not engaged in any operations or generated revenues since its inception on December 27, 2019, through June 30, 2023 [258]. Cash and Working Capital - As of June 30, 2023, the company had cash of $1,056,328 available for working capital purposes, not held in the Trust Account [64]. - The company has issued convertible promissory notes totaling $1,335,000 to the Sponsor for extensions and working capital needs [253]. - The company plans to use substantially all funds in the Trust Account to complete its Business Combination and for working capital of the target business [261]. Business Combination and Deadlines - The company extended the deadline to complete a Business Combination from May 11, 2023, to August 11, 2023, and subsequently to February 12, 2024, with the possibility of further extensions [64][253]. - The company has a mandatory liquidation and dissolution risk if a Business Combination is not completed by February 12, 2024 [65]. Costs and Obligations - The company incurred $16,724,021 in Initial Public Offering related costs, with $16,343,583 reported in temporary equity [63]. - The company has no long-term debt or capital lease obligations, only incurring administrative support service fees of $10,000 per month [66].