Company: BAYAU
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001641172-25-011820
Chunk: 42

Company: Bayview Acquisition Corp
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 8
Chunk 42
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 Private Placement Unit consists of one ordinary share and 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.

    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 consumm