byNordic Acquisition Corp (BYNO): Nasdaq/NYSE listing notice — byNordic issues $1.7M promissory note from sponsor affiliate; receives Nasdaq MVLS deficiency notice

byNordic Acquisition Corp

Issued $1.7M promissory note to DDM Debt AB (affiliate of sponsor), no interest, due upon business combination.
Nasdaq notified company that common stock MVLS below $50M for 30 consecutive days; compliance deadline June 10, 2024.
If compliance not regained by June 10, 2024, Nasdaq may delist or company may transfer to Nasdaq Capital Market.
Note proceeds for general working capital; repayment from trust only if business combination not consummated.
Note includes trust account waiver; maker and payee to treat note as equity for tax purposes.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

byNordic Acquisition Corp incurred loan of $1,700,000 with DDM Debt AB at no interest maturing upon the consummation of the Company's initial business combination.

Instrument: loan
Principal: $1,700,000
Counterparty: DDM Debt AB
Rate: no interest
Maturity: upon the consummation of the Company's initial business combination
Event: incurrence

Exact text from the filing

On December 15, 2023, byNordic Acquisition Corporation (the " Company ") issued a promissory note (the " Note ") in the principal amount of $1,700,000 to DDM Debt AB (the " Lender ")

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Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

byNordic Acquisition Corp received a nasdaq deficiency notice notice regarding market value (rules 5450(b)(2)(A), 5810(c)(3)(C)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: market value
Rules: 5450(b)(2)(A), 5810(c)(3)(C)

Exact text from the filing

December 11, 2023, the Company received a letter (the “Letter”) from the staff at The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the 30 consecutive trading days prior to the date of the Letter, the Company’s common stock had traded at a value below the minimum $50,000,000 “Market Value of Listed Securities” (“MVLS”) requirement set forth in Nasdaq Listing Rule 5450(b)(2)(A), which is required for continued listing of the Company’s common stock on The Nasdaq Global Market. The Letter is only a notification of deficiency, not of imminent delisting, and has no current effe

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

byNordic Acquisition Corp entered into Note with DDM Debt AB valued at principal amount of $1,700,000 (effective 2023-12-15).

Action: entry
Agreement: notes offering
Counterparty: DDM Debt AB
Value: principal amount of $1,700,000
Effective: 2023-12-15

Exact text from the filing

On December 15, 2023, byNordic Acquisition Corporation (the “ Company ”) issued a promissory note (the “ Note ”) in the principal amount of $1,700,000 to DDM Debt AB (the “ Lender ”), an affiliate of Water by Nordic AB, the Company’s sponsor.

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byNordic Acquisition Corp filing history →

Source: SEC EDGAR

accession 0001213900-23-096072

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