Mon, May 20, 8:35 PM (67 days ago)
For the quarter ended March 31, 2024, byNordic Acquisition Corporation reported a net income of $94,733, down from $1,046,525 in the same quarter of the previous year. This decline was primarily due to a decrease in interest income from $1,962,523 to $526,580. Operating costs also decreased from $515,242 to $330,841. The company had $1,880,939 in cash and $40,222,342 in marketable securities held in the Trust Account. The working capital deficit stood at $4,933,819. Significant redemptions of Class A common stock and ongoing geopolitical uncertainties were noted as potential risks. The company extended its Business Combination deadline to June 12, 2024, with the possibility of further extensions, supported by promissory notes totaling $4,935,000. The company’s ability to continue as a going concern is uncertain due to the need for additional funds to complete a Business Combination.