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byNordic Acquisition Corporation Units (BYNOU0.00%) 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 loss of $206,146 for the three months ended September 30, 2024, compared to a net income of $716,325 for the same period in the previous year. The loss is attributed to operating costs of $491,087 and federal income taxes of $79,032, partially offset by interest earned on investments held in the trust account.
For the nine months ended September 30, 2024, the company reported a net loss of $31,965, compared to a net income of $3,155,803 for the same period in the previous year. The loss was primarily due to operating costs and taxes, partially offset by interest income.
As of September 30, 2024, byNordic Acquisition Corporation had cash of $1,934,857 not held in the trust account and a working capital deficit of $6,321,939. The company has borrowed $5,935,000 through promissory notes for extending the combination period and for working capital purposes.
The company announced an extension of the combination period to December 12, 2024, with the possibility of further monthly extensions until August 12, 2025, subject to certain conditions. The company has deposited an aggregate of $3,141,248 to the trust account to facilitate this extension.
On August 6, 2024, the company announced a non-binding letter of intent to merge with Sivers Photonics Ltd, a subsidiary of Sivers Semiconductors AB. However, discussions were paused on November 11, 2024, and the company is now exploring other candidates for a business combination.
The company regained compliance with Nasdaq's (NDAQ-1.24%) minimum 400 total shareholders requirement as of September 5, 2024, ensuring continued listing and trading on The Nasdaq Stock Market.
Geopolitical events, including the Russian invasion of Ukraine and the Israel-Hamas war, have been noted as factors that could impact the company's ability to complete a business combination due to potential adverse effects on financial and business conditions in Europe.
The company continues to focus on consummating a business combination and managing its financial obligations, including compliance with the Inflation Reduction Act of 2022 and related excise tax liabilities.
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 Units quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.