Company: BAYAU
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001641172-25-002125
Chunk: 177

Company: Bayview Acquisition Corp
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1
Chunk 177
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,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
going concern. In addition, if the Company is unable to complete a Business Combination within the Combination Period and such period
is not extended, there will be a liquidation and subsequent dissolution. As a result, management has determined that such additional
condition also raises substantial doubt about the Company’s ability to continue as a going concern. The financial statements do
not include any adjustments that might result from the outcome of the uncertainty.

     F-8 

NOTE
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of Presentation

The
accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America
(“US GAAP”) and pursuant to the rules and regulations of the SEC. These audited financial statements should be read in
conjunction with the audited financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2023 filed
by the Company with the SEC on April 16, 2024.