Company: BAYAU
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001641172-25-002125
Chunk: 2

Company: Bayview Acquisition Corp
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1
Chunk 2
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 the Ordinary Shares during the 20 trading day period starting on the trading day immediately
prior to consummation of an initial Business Combination).

  1 

Of
the proceeds the Company received from the Initial Public Offering and the sale of the Private Placement Units, $60,000,000 ($10.00 per
Public Share) was deposited into a U.S.-based trust account at Bank of America with Equiniti Trust Company, LLC, acting as trustee, with
approximately $370,988 being used to pay fees and expenses in connection with the closing of the Initial Public Offering, including underwriting
commissions of $1,200,000, and $566,582 being available for working capital following the Initial Public Offering. Except with respect
to interest earned on the funds held in the trust account that may be released to the Company to pay its tax obligations, the proceeds
from the Initial Public Offering and the sale of the Private Placement Units that are deposited in the trust account will not be released
from the trust account until the earliest to occur of (a) the completion of our initial business combination, (b) the redemption of any
Public Shares properly submitted in connection with a shareholder vote to amend our Second Amended and Restated Memorandum and Articles
of Association (i) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination
or to redeem 100% of our Public Shares if we do not complete our initial business combination within 18 months from the closing of the
Initial Public Offering or (ii) with respect to any other
provision relating to shareholders’ rights or pre-initial business combination activity and (c) the redemption of our Public Shares
if we are unable to complete our business combination within 18 months from the closing of the Initial Public Offering, subject to applicable law.

Since
our Initial Public Offering, our sole business activity has been identifying and evaluating suitable acquisition transaction candidates.

Merger
Agreement

On
June 7, 2024, Bayview Acquisition Corp entered into an Agreement and Plan of Merger (as amended by Amendment No. 1 to Merger Agreement,
dated as of June 26, 2024, the “Merger Agreement”) with Oabay Holding Company, a Cayman Islands exempted company limited
by shares (“PubCo”), Oabay Inc., a Cayman Islands exempted company limited by shares (“Oabay”), Bayview Merger
Sub I Limited, a Cayman Islands exempt