byNordic Acquisition Corporation (NASDAQ:BYNO), a special purpose acquisition company, has announced the extension of its deadline to complete a business combination. The company's shareholders approved an amendment to its charter at the annual meeting held on Tuesday, allowing the board to extend the deadline from August 12, 2024, to August 12, 2025, without further shareholder approval. The extension can be enacted monthly at the board's discretion.
The company also disclosed in a filing with the Securities and Exchange Commission (SEC) that it had entered into a Material Definitive Agreement. On Monday, byNordic issued a promissory note for $200,000 to DDM Debt AB, an affiliate of its sponsor, Water by Nordic AB. The note is interest-free and due upon the completion of the company's initial business combination. If a business combination does not occur, repayment will come from available funds outside of the trust account set up during byNordic's initial public offering.
At the annual meeting, 2,578,476 shares were tendered for redemption. Following the shareholder approval, byNordic deposited $40,312 into its trust account, extending the deadline for its initial business combination from August 12, 2024, to September 12, 2024.
The company's filing also reported the re-election of five directors to its board. These developments come as byNordic seeks to identify and merge with a business in the real estate and construction sector.
In other recent news, byNordic Acquisition Corp faces potential delisting from The Nasdaq Stock Market LLC due to non-compliance with the minimum total shareholder requirement. The company had submitted a compliance plan, but it was deemed insufficient, and a suspension of its securities is imminent unless an appeal is filed. byNordic has signaled its intention to appeal the decision, but it has not provided further details on its planned remediation measures.
In parallel developments, byNordic has issued a $200,000 promissory note to DDM Debt AB, an affiliate of Water by Nordic AB, byNordic's sponsor. This move is aimed at bolstering the company's working capital and assisting it in identifying and merging with a target company. The note carries no interest and is set to mature upon the completion of byNordic's initial business combination.
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