Company: BAYAU
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001641172-25-011820
Chunk: 16

Company: Bayview Acquisition Corp
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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” registration rights with respect to registration statements filed subsequent
to completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415
under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit
any registration or cause any registration statement to become effective until the securities covered thereby are released from their
lock-up restrictions. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriter a 45-day option
from the date of IPO to purchase up to 900,000 additional Units to cover over-allotment, at the IPO price less the underwriting discounts
and commissions. On January 28, 2024, the underwriter did not exercise their over-allotment option and hence a total of 225,000 ordinary
shares were forfeited by the Sponsors.

The underwriter was entitled to a cash underwriting
discounts of $0.20 per Unit, or $1,200,000 in the aggregate (or $1,380,000 in the aggregate if the underwriter’s over-allotment
option is exercised in full), payable upon the closing of the IPO. The cash underwriting discount of $1,200,000 was paid on December 19,
2023.

The underwriter will be entitled to a deferred commission
of $0.35 per Unit, or $2,100,000 in the aggregate. The deferred commission will be paid to the underwriters from the amounts held in the
escrow trust account solely in the event that the Company completes a business combination, subject to the terms of the underwriting agreement.
The deferred underwriting commission was reported as non-current liability on the balance sheet dated March 31, 2025.

Unit Purchase Option

We have agreed to sell to Chardan and/or its designees,
for $100, an option to purchase a total of 540,000 units exercisable, in whole or in part, at $11.50 per unit (or 115% of the volume weighted
average price of the ordinary shares during the 20 trading day period starting on the trading day immediately prior to consummation of
an initial Business Combination), commencing on the consummation of our initial Business Combination, and expires five years from the
effective date of this offering. The option and the 540,000 units, as well as the 540