Company: BAYAU
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001641172-25-011820
Chunk: 43

Company: Bayview Acquisition Corp
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 8
Chunk 43
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ation of the IPO.

As of March 31, 2025, no promissory note was issued
to related party.

Due to Related Party

The Sponsors paid certain formation, operating or
deferred offering costs on behalf of the Company. These amounts were due on demand and non-interest bearing, which was fully repaid upon
closing of the IPO on December 19, 2023. As of March 31, 2025 and December 31, 2024, amount due to related party was $90,000 and $60,000
for the administration service fee, respectively.

Accounting Service Agreement

The Company has engaged Ascendant Global Advisors,
Inc., a related part of the Sponsors, to assist in preparing quarterly and annual financial statements. The Company has agreed to pay
for such services at a fixed quarterly rate of $5,250 each quarter. For the three months ended March 31, 2025 and for the year ended December
31, 2024, service fees of $5,250 and $21,000 have been incurred for these services.

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NOTE 6 — COMMITMENTS AND CONTINGENCIES

Registration Rights

The holders of the Founder Shares, Private Placement
Units, securities underlying the unit purchase option (“UPO”), and Units that may be issued upon conversion of working capital
loans (and all underlying securities) will be entitled to registration rights pursuant to a registration rights agreement requiring the
Company to register such securities for resale. Subject to certain limitations set forth in such agreement, the holders of these securities
will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In
addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent
to completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415
under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit
any registration or cause any registration statement to become effective until the securities covered thereby are released from their
lock-up restrictions. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriter a 45-day option
from the date of IPO to purchase up to 900,000 additional Units to cover over-allotment, at the IPO price less the underwriting discounts
and commissions