Mon, Aug 19, 8:35 PM (148 days ago)
For the quarter ending June 30, 2024, byNordic Acquisition Corporation reported a net income of $79,448, a significant decline from $1,392,953 in the same quarter of the previous year. This decrease is attributed to lower interest income from marketable securities, which dropped to $532,914 from $2,225,880. Operating expenses were relatively stable, totaling $351,383 compared to $375,992 in Q2 2023. As of June 30, 2024, total assets amounted to $42,698,966, with a cash balance of $1,901,694 outside the trust account. The trust account held $40,754,881 in marketable securities. The company faced a working capital deficit of $5,386,910 and has extended its business combination deadline to September 12, 2024, following a series of extensions funded by the Sponsor. Geopolitical uncertainties, particularly the ongoing conflicts in Ukraine and Israel, pose risks to potential business combinations, potentially limiting target availability and increasing costs. The company has not yet identified a merger target but signed a non-binding letter of intent with Sivers Semiconductors AB for a potential merger, subject to due diligence. Future operations may hinge on successfully completing this business combination or securing additional financing.