Thu, Nov 14, 10:15 PM (64 days ago)
For the quarter ended September 30, 2024, BYNORDIC Acquisition Corporation (BYNO) reported a net loss of $206,146, a significant decrease compared to a net income of $716,325 in the same quarter of 2023. The company's total assets declined to $13,700,630 from $41,858,190 at year-end 2023, primarily due to a reduction in marketable securities held in the Trust Account, which fell to $11,697,428 from $39,516,637. Current liabilities increased to $8,325,141, influenced by higher accrued expenses and a promissory note to a related party. The company has extended its business combination period to December 12, 2024, with potential further extensions, but faces uncertainties due to geopolitical risks and market conditions affecting potential merger targets. Cash flow from operations was negative at $1,099,776, while cash provided by investing activities was $29,219,320, largely from trust account transactions. The working capital deficit stood at $6,321,939, raising concerns about liquidity and going concern status if a business combination is not achieved by the deadline.