byNordic Acquisition Corporation Reports $179K Net Loss and Increased Liabilities

byNordic Acquisition Corporation reported a net loss of $179,458 for the three months ended March 31, 2025, a significant decline from a net income of $94,733 during the same period in 2024. The company's total operating costs for the quarter were $283,060, which included general and administrative support fees of $30,000, franchise taxes of $19,451, and insurance costs of $61,330. Interest earned on marketable securities held in the Trust Account decreased to $125,971 from $526,580 in the prior year, contributing to the overall loss.

The company's financial position showed a slight increase in total assets, rising to $12,499,236 as of March 31, 2025, compared to $12,248,615 at the end of 2024. Current assets included cash of $269,457 and marketable securities held in the Trust Account amounting to $12,111,428. However, total liabilities also increased to $13,690,277, leading to a stockholders' deficit of $13,312,088, up from $12,927,870 at the end of the previous fiscal year. The increase in liabilities was primarily due to accrued expenses and a promissory note to a related party, which rose to $6,885,000.

In terms of operational developments, byNordic Acquisition Corporation has not yet completed any business combination since its inception. The company has extended its business combination period to June 12, 2025, following a series of amendments to its certificate of incorporation. These amendments included provisions for monthly extensions and adjustments to the redemption rights of public shareholders. The company has also recorded a 1% excise tax liability of approximately $1,455,846 related to the redemption of public shares, which does not impact the statements of operations.

Looking ahead, the company faces significant challenges in completing a business combination by the extended deadline. The management has expressed uncertainty regarding its ability to secure the necessary funds for operational expenses and the completion of a business combination. If the company fails to consummate a business combination by the deadline, it will face mandatory liquidation and dissolution. The ongoing geopolitical tensions and market conditions may further complicate the search for a suitable target for acquisition, potentially impacting the company's future prospects.