byNordic Acquisition Corporation has reported its financial results for the fiscal year ending December 31, 2024, revealing a net loss of $206,537, a significant decline from the previous year's net income of $3,406,689. The company attributed this loss to operating costs of $1,454,382, which included general and administrative expenses, insurance, and franchise taxes. In contrast, interest income from cash and marketable securities held in the trust account amounted to $1,560,457, down from $6,153,996 in 2023, reflecting a decrease in the average balance of funds held in the trust account.
The company experienced a substantial reduction in its total assets, which decreased from $41.9 million in 2023 to $12.2 million in 2024. This decline was primarily due to the redemption of public shares, with approximately $145.6 million redeemed in August 2023 and an additional $29.5 million in August 2024. As of December 31, 2024, the trust account held $11.9 million, down from $39.5 million the previous year. The company also reported a working capital deficit of $6.7 million, indicating challenges in meeting its short-term obligations.
In terms of strategic developments, byNordic Acquisition Corporation has extended its business combination period multiple times, with the latest extension allowing until April 12, 2025, to complete a business combination. The company has also issued several promissory notes to its sponsor and affiliates, totaling $6.2 million, to fund operational needs and extensions. Notably, discussions regarding a potential merger with Sivers Semiconductors AB were paused in November 2024, prompting the company to explore other acquisition candidates.
Operationally, the company has not yet identified a specific target for its business combination, which is a requirement for its continued existence as a public entity. The company’s management team, led by CEO Michael Hermansson, is focused on identifying technology growth companies in northern Europe, particularly in sectors such as FinTech and digital infrastructure. However, the ongoing geopolitical tensions, including the Russia-Ukraine conflict and the Israel-Hamas war, have created uncertainties that could impact the availability and attractiveness of potential targets.
Looking ahead, byNordic Acquisition Corporation faces significant challenges in securing a business combination by the extended deadline. The company has indicated that if it fails to complete a business combination by April 12, 2025, it will be required to liquidate and distribute the remaining funds in the trust account to public stockholders. The management has expressed concerns regarding its ability to raise additional capital and the potential impact of the 1% excise tax introduced by the Inflation Reduction Act of 2022 on its financial position. The company remains committed to exploring viable acquisition opportunities while navigating these challenges.
About byNordic Acquisition Corp
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