Company: BAYAU
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001641172-25-002125
Chunk: 1279

Company: Bayview Acquisition Corp
Filing Date: 2025-04-01
Form: 10-K
Item: Item 14
Chunk 1279
---
 by which the Company must complete its initial business combination from September 19, 2024 to June 19, 2025,
with all nine (9) extensions comprised of one month each and (ii) the proposal to amend the Company’s investment management trust
agreement, dated December 14, 2023 by and between the Company and Equiniti Trust Company, LLC to allow the Company to extend the Termination
Date up to nine (9) times, with all nine (9) extensions comprised of one month each from the Termination Date to June 19, 2025 by providing
five days’ advance notice to the Trustee prior to the applicable Termination Date and depositing into the Trust Account $125,000
for each month in an Extension until June 19, 2025.

In
connection with the vote to approve the Extension Amendment Proposal and the Trust Agreement Amendment Proposal at the Extraordinary General Meeting on
September 16, 2024, the holders
of
2,290,989 Ordinary Shares properly exercised their rights to redeem their shares for cash at a redemption price of
approximately $10.39
per share, for an aggregate redemption amount of approximately $23,803,376.

On
September 16, 2024, October 14, 2024, November 18, 2024 and December 13, 2024, respectively, the Company issued four promissory notes
to Oabay, each in an amount of $125,000, pursuant to which the Company could borrow an aggregate of $125,000 to cover the expense in
connection with the extension of the Business Combination. Through December 31, 2024, the Company had deposited an aggregate of $500,000
into the trust account under the promissory notes.

Going
Concern Consideration

As
of December 31, 2024, the Company had cash of $93,620 and a working capital deficit of $1,155,926. The Company has incurred and expects
to continue to incur significant professional costs to remain as a public traded company and to incur transaction costs in pursuit of
a Business Combination. In connection with the Company’s assessment of going concern considerations in accordance with Accounting
Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going
Concern,” management believes that these conditions raise substantial doubt about the Company’s ability to continue as a