Financial Performance - For the three months ended September 30, 2023, the company reported a net income of $716,325, driven by earnings on cash and investments of $1,441,427, offset by operating costs of $430,210 and federal income taxes of $294,892 [228]. - For the nine months ended September 30, 2022, the company experienced a net loss of $128,652, primarily due to formation and operating costs of $798,476 and federal income taxes of $135,484, despite earning $805,308 from investments [230]. Trust Account and Investments - As of September 30, 2023, the company held marketable securities in the Trust Account amounting to $39,145,197, primarily invested in U.S. Treasury securities [233]. - The company has withdrawn $1,929,800 of interest earned on the Trust Account for tax payments during the nine months ended September 30, 2023 [233]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on February 11, 2022, raising gross proceeds of $150,000,000 from 15,000,000 Units sold at $10.00 per Unit [231]. - Following the Initial Public Offering, the total amount placed in the Trust Account reached $175,950,000 after the full exercise of the over-allotment option and the sale of Private Shares [232]. - The company incurred $16,724,021 in Initial Public Offering related costs, with $16,343,583 reported in temporary equity [232]. Business Combination and Liquidation - The company has until February 12, 2024, to complete a business combination, or it will face mandatory liquidation and dissolution [236]. - The company plans to repay loans from the Trust Account if a business combination is completed, otherwise, it will repay from funds held outside the Trust Account [235]. Debt and Financial Obligations - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2023 [237].
byNordic Acquisition (BYNO) - 2023 Q3 - Quarterly Report