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Bayview Acquisition Corp Right (BAYAR0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net income of $583,558 for the three months ended September 30, 2024, primarily due to income earned on investments held in a trust account.
The company reported a net income of $1,771,223 for the nine months ended September 30, 2024, with the income derived from interest earned on investments in the trust account.
Bayview Acquisition Corp completed its initial public offering on December 19, 2023, raising gross proceeds of $60,000,000 from the sale of 6,000,000 units.
Simultaneously, the company sold 232,500 private placement units to its sponsors, generating additional proceeds of $2,325,000.
As of September 30, 2024, Bayview Acquisition Corp had cash and cash equivalents of $225,472 and a working capital deficit of $308,229.
The company has entered into a merger agreement with Oabay Holding Company and other parties, with amendments made to the agreement on June 26, 2024, revising earnout milestones.
On September 16, 2024, Bayview Acquisition Corp extended the deadline for completing its initial business combination to June 19, 2025, following a shareholder vote.
In connection with the extension, 2,290,989 ordinary shares were redeemed by shareholders for an aggregate redemption amount of approximately $23,803,376.
The company has identified a material weakness in its internal control over financial reporting due to a lack of qualified SEC reporting professionals.
Bayview Acquisition Corp is classified as an emerging growth company and is subject to the reporting requirements applicable to such companies under the JOBS Act.
The company has not engaged in any operations or generated any revenues to date, and it will not generate operating revenues until after the completion of an initial business combination.
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 Right quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.