byNordic Acquisition Corporation, classified as a shell company and an emerging growth entity, reported its financial results for the period ending September 30, 2024. The company has not generated any revenue since its inception on December 27, 2019, and continues to incur expenses primarily related to public company operations and due diligence for potential business combinations.

As of September 30, 2024, byNordic held cash of $1,934,857, a decrease from $2,306,735 at the end of 2023. Total current assets also fell to $2,003,202 from $2,341,553. The company’s total assets decreased significantly to $13,700,630 from $41,858,190, largely due to a reduction in marketable securities held in the Trust Account, which dropped to $11,697,428 from $39,516,637. Current liabilities increased to $8,325,141 from $6,664,400, contributing to a working capital deficit of $6,321,939.

The company reported a total loss from operations of $(491,087) for the three months ended September 30, 2024, compared to $(430,210) for the same period in 2023. For the nine months ended September 30, 2024, the total loss from operations was $(1,173,311), an improvement from $(1,321,444) in the prior year. Interest income from marketable securities also declined significantly, with $363,973 earned in the latest quarter compared to $1,441,427 in the same quarter of 2023. The net loss for the three months ended September 30, 2024, was $(206,146), a notable decrease from a net income of $716,325 in the prior year. For the nine-month period, the company reported a net loss of $(31,965), contrasting sharply with a net income of $3,155,803 for the same period in 2023.

In terms of stockholder activity, the company experienced significant redemptions. In August 2023, 13,663,728 Public Shares were redeemed, totaling approximately $145,585,000, and in August 2024, an additional 2,578,476 Public Shares were tendered for redemption at a value of $29,491,422. The company recorded a 1% excise tax liability of $1,455,846 related to the August 2023 redemptions and approximately $294,914 for the August 2024 redemptions.

Strategically, byNordic signed a non-binding letter of intent with Sivers Semiconductors AB to merge with its subsidiary, Sivers Photonics Ltd, on August 6, 2024, although discussions were paused on November 11, 2024. The company has until December 12, 2024, to complete a business combination or face mandatory liquidation. The Board of Directors has the option to extend the Combination Period monthly until August 12, 2025, with a deposit of $40,312 for each extension.