byNordic Acquisition Corporation Announces Extension of Deadline to Complete Business Combination

Rhea-AI Summary

byNordic Acquisition (NASDAQ: BYNO) has announced a one-month extension to complete its business combination, depositing $40,312 into its Trust Account. This extends the deadline from December 12, 2024, to January 12, 2025. This marks the fifth of up to twelve possible one-month extensions permitted under the company's amended certificate of incorporation from August 8, 2024. The board of directors can continue extending monthly until August 12, 2025, without requiring additional stockholder votes.

Positive

• Board has flexibility to extend deadline up to 12 times without shareholder approval
• Company maintains compliance with SPAC requirements through timely extension deposit

Negative

• Additional $40,312 required from company reserves for extension
• Fifth extension indicates potential difficulties in completing business combination
• Continued extensions may impact cash reserves

Insights

Financial Analyst

This SPAC extension announcement represents a routine procedural update without significant market implications. The $40,312 deposit into the trust account is a standard requirement for extending the business combination deadline. While it maintains BYNO's operational timeline, the lack of a concrete merger target or definitive agreement makes this news primarily administrative in nature. The extension to January 12, 2025, being the fifth of twelve possible extensions, suggests continued search efforts but offers no material developments for investors to act upon.

New York, NY, Dec. 13, 2024 (GLOBE NEWSWIRE) -- byNordic Acquisition Corporation (NASDAQ: BYNO (“BYNO” or the “Company”), a special purpose acquisition company, announced today that the Company has timely deposited into the Company’s trust account (the “Trust Account”), an aggregate of $40,312, in order to extend the period of time the Company has to complete a business combination for an additional one (1) month period, from December 12, 2024 to January 12, 2025 (the “Extension”). The Extension is the fifth of up to twelve (12) one-month extensions permitted under the August 8, 2024 amendment to the Company’s Amended and Restated Certificate of Incorporation that allows the Company’s board of directors, in its sole discretion and without another stockholder vote, to elect to extend the termination date by one additional month each time up until August 12, 2025, or the closing of the Company’s initial business combination.

About byNordic Acquisition Corporation

byNordic Acquisition Corporation, led by Chief Executive Officer Michael Hermansson, is a special purpose acquisition company formed with the purpose of entering into a business combination with one or more businesses. While the Company may pursue an initial business combination with a company in any sector or geography, it intends to focus its search on high technology growth companies based in the northern part of Europe.

Forward Looking Statements 

This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the Securities and Exchange Commission. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

byNordic Acquisition Corporation Contact:

Michael Hermansson
+46 707 294100
ir@bynordic.se 

FAQ

How much did BYNO deposit for its December 2024 extension?

byNordic Acquisition deposited $40,312 into its Trust Account for the December 2024 extension.

When is BYNO's new deadline to complete its business combination?

The new deadline is January 12, 2025, extended from December 12, 2024.

How many extensions has BYNO used so far?

This is the fifth extension out of twelve possible monthly extensions permitted under the amended certificate.

What is the final possible extension date for BYNO's business combination?

The final possible extension date is August 12, 2025, if all twelve monthly extensions are used.

Does BYNO need shareholder approval for these monthly extensions?

No, the board of directors can approve extensions without additional stockholder votes, as per the August 8, 2024 amendment.