Company: BAYAU
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001641172-25-011820
Chunk: 34

Company: Bayview Acquisition Corp
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 8
Chunk 34
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 PubCo to each Earnout Shareholder (as defined in the Merger Agreement)
within five (5) business days following the date of filing of the PubCo 2025 Audited Financials. Previously, the Pro Rata Portion of 6,000,000
Earnout Shares was to be delivered only if the PubCo 2024 Audited Financials do not reflect consolidated revenue in excess of RMB 436,000,000.00
during fiscal year 2024 but the total consolidated revenue reflected by the PubCo 2024 Audited Financials and the PubCo 2025 Audited Financials
is in excess of RMB 1,019,000,00.00 during fiscal year 2025.

Extension

On September 16, 2024, the Company held an extraordinary
general meeting virtually and in person, solely with respect to voting on (i) the proposal to extend the date by which the Company must
complete its initial business combination from September 19, 2024 to June 19, 2025, with all nine (9) extensions comprised of one month
each and (ii) the proposal to amend the Company’s investment management trust agreement, dated December 14, 2023 by and between
the Company and Equiniti Trust Company, LLC to allow the Company to extend the Termination Date up to nine (9) times, with all nine (9)
extensions comprised of one month each from the Termination Date to June 19, 2025 by providing five days’ advance notice to the
Trustee prior to the applicable Termination Date and depositing into the Trust Account $125,000 for each month in an Extension until June
19, 2025.

In connection with the vote to approve the Extension
Amendment Proposal and the Trust Agreement Amendment Proposal at the Extraordinary General Meeting on September 16, 2024, the holders
of 2,290,989 Ordinary Shares properly exercised their rights to redeem their shares for cash at a redemption price of approximately $10.39
per share, for an aggregate redemption amount of approximately $23,803,376.

On September 16, 2024, October 14, 2024, November
18, 2024 and December 13, 2024, January 13, 2025, February 13, 2025, and March 14, 2025 respectively, the Company issued 7 promissory
notes