Bayview Acquisition Corp closes $60M SPAC IPO; auditor flags going concern

Bayview Acquisition Corp

IPO of 6,000,000 units at $10/unit grossed $60M; simultaneous private placement of 232,500 units to sponsors raised $2.325M.
Net proceeds of $60M deposited in trust; company has 9 months (extendable to 18) to complete a business combination.
Auditor's report includes substantial doubt about going concern due to no revenue, significant costs, and insufficient working capital for 12 months.
As of Dec 19, 2023, cash held in escrow for working capital $937,570; total assets $61,044,095, shareholders' deficit $1,737,961.
Underwriters granted a 45-day option to purchase up to an additional 900,000 units for over-allotments.

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