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byNordic Acquisition Corporation (BYNO0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that byNordic Acquisition Corporation is a blank check company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
The company completed its initial public offering on February 11, 2022, raising gross proceeds of $172,500,000, which were placed in a trust account.
On August 7, 2024, the company's stockholders approved amendments to extend the business combination period to August 12, 2025, with monthly extensions requiring a deposit of $40,312 into the trust account.
The company has been actively seeking a business combination, having signed a non-binding letter of intent with Sivers Semiconductors AB in August 2024, but discussions were paused in November 2024.
As of December 31, 2024, byNordic Acquisition Corporation reported cash of $272,588 outside the trust account and a working capital deficit of $6,663,930.
The company has until April 12, 2025, to consummate a business combination, subject to further extensions, or it will face mandatory liquidation and dissolution.
The company has entered into multiple promissory notes with its sponsor and affiliates to fund working capital and extensions, totaling $6,235,000 as of December 31, 2024.
byNordic Acquisition Corporation's securities were delisted from Nasdaq on February 18, 2025, due to the expiration of the 36-month period to complete a business combination, and are now trading on the over-the-counter market.
The company reported a net loss of $206,537 for the year ended December 31, 2024, primarily due to operating costs and tax provisions, offset by interest income from the trust account.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the byNordic Acquisition Corporation annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.