Company: BAYAU
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001641172-25-002125
Chunk: 354

Company: Bayview Acquisition Corp
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1A
Chunk 354
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 one right to
receive one-tenth (1/10) of one ordinary share upon the consummation of the Company’s initial Business Combination. The proceeds
from the sale of the Private Placement Units were added to the net proceeds from the IPO held in the Trust Account. If the Company does
not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Units held in
the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law). The Private
Placement Units (including the underlying securities) will not be transferable, assignable, or salable until the completion of a Business
Combination, subject to certain exceptions.

     F-12 

NOTE
5 — RELATED PARTIES

Founder
Shares

On
February 23, 2023, our sponsor, Bayview Holding LP, acquired 1,437,500 founder shares for an aggregate price of $25,000. 963,125 founder
shares were transferred to our sponsor Peace Investment Holdings Limited on March 14, 2023.

On
December 14, 2023, the Company issued 287,500 founder shares for a consideration of $100, resulting in Bayview Holding LP holding a total
of 569,250 founder shares and Peace Investment Holdings Limited holding a total of 1,155,750 founder shares. The payment of $100 was
received on December 27, 2023. The issuance was considered as a nominal issuance, in substance a recapitalization transaction, which
was recorded and presented retroactively.

On
January 28, 2024, a total of 225,000 ordinary shares were forfeited by the Sponsors subsequent to the IPO as the underwriter’s
over-allotment option was not exercised.

Promissory
Note — Related Party

On
February 23, 2023, the Sponsors issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which
the Company may borrow up to an aggregate principal amount of $300,000. The Promissory Note was non-interest bearing and payable on the
earlier of (i) December 31, 2023, or (ii) the consummation of the IPO. On the date of closing of the IPO, no amounts were outstanding
under the Promissory Note and the Promissory Note then expired upon the consummation