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Bayview Acquisition Corp (BAYA0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's status as a blank check company, incorporated in the Cayman Islands, with the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination.
Bayview Acquisition Corp completed its initial public offering on December 19, 2023, raising $60 million through the sale of 6,000,000 units at $10.00 per unit.
The company has not yet commenced any operations and has not generated any revenues. Its activities to date have been limited to organizational activities and efforts to identify a suitable business combination.
As of December 31, 2024, Bayview Acquisition Corp held $60 million in a trust account, which will be used to fund its business combination, pay taxes, and cover expenses related to its initial public offering.
The company has entered into a merger agreement with Oabay Holding Company and its affiliates, aiming to complete a business combination. The transaction is subject to shareholder approval and other customary closing conditions.
Bayview Acquisition Corp held an extraordinary general meeting on September 16, 2024, where shareholders approved an extension of the deadline to complete the business combination to June 19, 2025.
The company is led by a team of experienced financial services, accounting, and legal professionals. Its directors and officers have been involved in identifying and evaluating potential targets for the business combination.
The filing highlights various risk factors, including the company's status as a shell company, potential regulatory changes, and the challenges of completing a business combination within the specified timeframe.
Bayview Acquisition Corp emphasizes its focus on acquiring a business that can benefit from being publicly traded, with an initial focus on private companies in Asia.
The company is subject to the regulations of the U.S. Securities and Exchange Commission and has complied with all reporting obligations since its initial public offering.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bayview Acquisition Corp annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.