Company: BAYAU
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001641172-25-011820
Chunk: 18

Company: Bayview Acquisition Corp
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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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.

    14

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 as the underwriters did not exercise their over-allotment option.

On
December 19, 2023, the Sponsors purchased an aggregate of 232,500 private placement units at a price of $10.00 per unit for a total purchase
price of $2,325,000 in a private placement.

As of March 31, 2025 and December 31, 2024, there
were 1,732,500 ordinary shares issued and outstanding, excluding the 3,709,011 and 6,000,000 ordinary shares subject to possible redemption,
which are presented as temporary equity.

Rights — Except in cases where
the Company is not the surviving company in a business combination, each holder of a right will automatically receive one-tenth (1/10)
of one ordinary share upon consummation of the initial Business Combination. The Company will not issue fractional shares in connection
with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance
with the applicable provisions of Cayman law. In the event the Company is not the surviving company upon completion of the initial Business
Combination, each holder of a right will be required to affirmatively convert his, her or its rights in order to receive the one-tenth
(1/10) of one ordinary share underlying each right upon consummation of the business combination. If the Company is unable to complete
the initial Business Combination within the required time period and the Company will redeem the public shares for the funds held in the
trust account, holders of rights will not receive any of such funds for their rights