Company: BAYAU
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001641172-25-002125
Chunk: 302

Company: Bayview Acquisition Corp
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1A
Chunk 302
---
 may consider to be in their best interests. These provisions include a staggered board of directors and the ability
of the board of directors to designate the terms of and issue new series of preferred shares, which may make the removal of management
more difficult and may discourage transactions that otherwise could involve payment of a premium over prevailing market prices for our
securities.

We
may not hold an annual meeting of shareholders until after the consummation of our initial business combination, which could delay the
opportunity for our shareholders to elect directors.

In
accordance with NASDAQ corporate governance requirements, we are not required to hold an annual meeting until no later than one year
after our first fiscal year end following our listing on NASDAQ. There is no requirement under the Companies Act for us to hold annual
or general meetings to appoint directors. Until we hold an annual general meeting, public shareholders may not be afforded the opportunity
to discuss company affairs with management. Our board of directors is divided into three classes with only one class of directors being
appointed in each year and each class (except for those directors appointed prior to our first annual general meeting) serving a three-year
term. In addition, as holders of our Ordinary Shares, our public shareholders will not have the right to vote on the appointment of directors
until after the consummation of our initial business combination. Accordingly, you may not have any say in the management of our company
prior to the consummation of an initial business combination.

  70 

We
have identified a material weakness in our internal control over financial reporting. If our remediation of such material weaknesses
is not effective, or if we identify additional material weaknesses in the future or otherwise fail to develop and maintain effective
internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable
laws and regulations could be impaired.

In
preparing our financial statements for the period from February 16, 2023 (inception) through December 31, 2024, we identified a material
weakness in our internal control over financial reporting, as defined in the SEC guidelines for public companies. The material weakness
identified relates to ineffective review controls over the financial statement preparation process regarding recording of accrued expenses,
including proper cut off procedures. This was identified through errors that were identified and corrected during our Independent Registered
Public Accounting Firm review of the draft financial statements prior to filing. A material weakness is a deficiency, or a combination
of deficiencies, in internal control