Company: BAYAU
Filing Date: 2025-05-02
Form Type: PRE 14A
Source: 0001641172-25-008370
Chunk: 40

Company: Bayview Acquisition Corp
Filing Date: 2025-05-02
Form: PRE 14A
Chunk 40
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 to business, industry or sector. Bayview has reviewed, and continues to review, a number of opportunities to enter into a Business Combination, but we are not able to determine at this time whether we will complete a Business Combination with any of the target businesses that we have reviewed or with any other target business. We also have neither engaged in any operations nor generated any revenue to date. Based on our business activities, the Company is a “shell company” as defined under the Exchange Act because we have no operations and nominal assets consisting almost entirely of cash.

On January 4, 2023, Bayview consummated its IPO of 6,000,000 Units. Each Unit consists of one Ordinary Share, par value $0.0001 per share, and one Public Right, with each Public Right entitling the holder thereof to receive one-tenth of one Ordinary Share upon the completion of an initial Business Combination, subject to adjustment. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $60,000,000. On January 28, 2024, Chardan Capital Markets, LLC did not exercise their over-allotment option and hence a total of 225,000 ordinary shares were forfeited by the Sponsors.

Simultaneously with the closing of the IPO, the Company completed the sale of 232,500 private 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. Transaction costs amounted to $4,341,321 consisting of $1,200,000 of underwriting discount, $2,100,000 of deferred underwriting commission and $1,041,321 of other offering costs.

Like most blank check companies, the Existing Charter provides for the return of the IPO proceeds held in trust to the holders of Public Shares sold in the IPO if there is no qualifying Business Combination(s) consummated on or before the Termination Date.

Bayview is proposing to amend its Existing Charter to give the Company the right to extend the Combination Period from June 19, 2025 up to six (6) times, with all six (6) extensions comprised of one (1) month each to December 19, 2025 (i.e., for a period of time ending up to twenty four (24) months after the consummation of its IPO) by depositing into the Trust Account, for each monthly extension, the