Company: BAYAU
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001641172-25-002125
Chunk: 648

Company: Bayview Acquisition Corp
Filing Date: 2025-04-01
Form: 10-K
Item: Item 5
Chunk 648
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 the private sale of 232,500
Private Placement Units to the Sponsors at a purchase price of $10.00 per Private Placement Unit generating gross proceeds to the Company
of $2,325,000. The Private Placement Units are identical to the Units sold in the IPO. No underwriting discounts or commissions were
paid with respect to such sale. The issuance of the Private Placement Units was made pursuant to the exemption from registration contained
in Section 4(a)(2) of the Securities Act of 1933, as amended.

  72 

Use
of Proceeds

On
December 19, 2023, the Company consummated the initial public offering of 6,000,000 Units at $10.00 per Unit, generating gross proceeds
of $60,000,000.

Simultaneously
with the closing of the initial public offering, we consummated the sale of 232,500 Private Placement Units at a price of $10.00 per
Unit, generating gross proceeds of $2,325,000.

On
February 23, 2023, we issued an unsecured promissory note to our Sponsors (the “Promissory Note”), pursuant to which we received
proceeds of $300,000 to cover expenses related to the initial public offering. The Promissory Note was non-interest bearing and payable
on the earlier of (i) December 31, 2023, or (ii) the consummation of the IPO. The Promissory Note expired after the consummation of the
IPO.

Transaction
costs related to the issuances described above amounted to $4,341,321, consisting of $1,200,000 of cash underwriting fees, $2,100,000
of deferred underwriting fees and $1,041,321 of other offering costs. After deducting the underwriting discounts and commissions and
offering expenses, the total net proceeds from the initial public offering and the sale of the Private Placement Units $60,000,000 (or
$10.00 per share sold in the initial public offering) was placed in the Trust Account.

Redemptions

In
connection with the vote to approve the Extension Amendment Proposal and the Trust Agreement Amendment Proposal at the Extraordinary
General Meeting held on September 16, 2024, the holders of 2,290,989 Ordinary Shares properly exercised their rights to redeem their shares for cash at a
red