byNordic Acquisition Corp Files Q1 2024 10-Q

TL;DR

byNordic Acquisition Corp filed its Q1 2024 10-Q. SPAC still looking for a deal.

AI Summary

byNordic Acquisition Corp filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The company, incorporated in Delaware with its principal executive offices in Malmö, Sweden, is a blank check company operating in the Real Estate & Construction sector. The filing details its financial performance and operational status for the first quarter of 2024.

Why It Matters

This filing provides investors with an update on byNordic Acquisition Corp's financial health and strategic direction as a special purpose acquisition company (SPAC) seeking a business combination.

Risk Assessment

Risk Level: medium — As a SPAC, byNordic Acquisition Corp faces inherent risks related to its ability to identify and complete a business combination within its specified timeframe.

Key Players & Entities

• byNordic Acquisition Corp (company) — Registrant
• March 31, 2024 (date) — End of reporting period
• 001-41273 (other) — SEC file number
• Delaware (location) — State of incorporation
• Malmö, Sweden (location) — Principal executive offices

FAQ

Key Financial Figures

• $0.0001 — g of one share of Class A common stock, $0.0001 par value, and one half of one redeemab
• $11.50 B — A common stock at an exercise price of $11.50 BYNOW The Nasdaq Stock Market LLC Check

Filing Documents

• ea0205499-10q_bynordic.htm (10-Q) — 468KB
• ea020549901ex31-1_bynordic.htm (EX-31.1) — 14KB
• ea020549901ex31-2_bynordic.htm (EX-31.2) — 14KB
• ea020549901ex32-1_bynordic.htm (EX-32.1) — 5KB
• ea020549901ex32-2_bynordic.htm (EX-32.2) — 5KB
• 0001213900-24-045226.txt ( ) — 3669KB
• byno-20240331.xsd (EX-101.SCH) — 40KB
• byno-20240331_cal.xml (EX-101.CAL) — 20KB
• byno-20240331_def.xml (EX-101.DEF) — 208KB
• byno-20240331_lab.xml (EX-101.LAB) — 323KB
• byno-20240331_pre.xml (EX-101.PRE) — 199KB
• ea0205499-10q_bynordic_htm.xml (XML) — 328KB

Financial Information

Part I. Financial Information 1

Interim Financial Statements

Item 1. Interim Financial Statements 1 Condensed Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 (Audited) 1 Condensed Statements of Operations for the three months ended March 31, 2024 and 2023 (Unaudited) 2 Condensed Statements of Changes in Stockholders' Deficit for the three months ended March 31, 2024 and 2023 (Unaudited) 3 Condensed Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited) 4 Notes to Condensed Financial Statements (Unaudited) 5

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures Regarding Market Risk

Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk 23

Controls and Procedures

Item 4. Controls and Procedures 23

Other Information

Part II. Other Information 24

Legal Proceedings

Item 1. Legal Proceedings 24

Risk Factors

Item 1A. Risk Factors 24

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 24

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 24

Other Information

Item 5. Other Information 24

Exhibits

Item 6. Exhibits 24

Signatures

Part III. Signatures 25 i

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Interim Financial Statements

Item 1. Interim Financial Statements. BYNORDIC ACQUISITION CORPORATION CONDENSED BALANCE SHEETS March 31, December 31, 2024 2023 (Unaudited) Assets Current assets: Cash $ 1,880,939 $ 2,306,735 Prepaid expenses and other current assets 55,666 34,818 Total current assets 1,936,605 2,341,553 Marketable securities held in Trust Account 40,222,342 39,516,637 Total assets $ 42,158,947 $ 41,858,190 Liabilities, Commitments and Contingencies and Stockholders' Deficit Current liabilities: Accrued expenses and other current liabilities $ 133,587 $ 72,319 Excise tax payable 1,455,846 1,455,846 Franchise tax payable 45,400 21,650 Income taxes payable 163,091 25,139 Deferred tax liability — 36,946 Promissory note – related party 4,935,000 4,935,000 Due to related party 137,500 117,500 Total current liabilities 6,870,424 6,664,400 Deferred legal fee 175,000 175,000 Deferred underwriters' discount 6,037,500 6,037,500 Total liabilities 13,082,924 12,876,900 Commitments and Contingencies (Note 6) Class A common stock subject to possible redemption, 3,586,272 shares at redemption value of $ 11.16 and $ 10.99 per share as of March 31, 2024 and December 31, 2023, respectively 40,005,113 39,424,354 Stockholders' Deficit Preferred stock, $ 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding — — Class A common stock, $ 0.0001 par value; 100,000,000 shares authorized; 940,000 issued and outstanding as of March 31, 2024 and December 31, 2023 (excluding 3,586,272 shares subject to possible redemption) 94 94 Class B common stock, $ 0.0001 par value; 10,000,000 shares authorized; 5,750,000 issued and outstanding as of March 31, 2024 and December 31, 2023 575 575 Additional paid-in capital — — Accumulated deficit ( 10,929,759 ) ( 10,443,733 ) Total stockholders' deficit ( 10,929,090 ) ( 10,443,064 ) Total Liabilities, Commitments and Contingencies and Stockh

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View this 10-Q filing on SEC EDGAR