Bayview Acquisition Corp is a SPAC that raised $60M in its December 2023 IPO with the sole purpose of merging with a private company to take it public. Bayview holds IPO proceeds in a trust account at Bank of America, invested in interest-bearing instruments — its only source of income until a deal closes. Bayview's sponsors acquired founder shares at a nominal cost before the IPO, and those shares convert to equity in the combined company if a deal closes, giving sponsors the economic incentive to find and complete a transaction. Bayview has identified a target — Oabay, a Cayman Islands company — and signed a merger agreement in June 2024, though the deal has been amended three times and has not yet closed. Bayview's stated focus is on Asian private companies seeking access to U.S. public markets. The company is in a precarious position: public shareholders have redeemed roughly $54M of the original $60M in trust across three extension votes, leaving a much smaller capital pool. Nasdaq issued a formal delisting determination in February 2026, which Bayview has appealed. The current deadline to complete the Oabay merger is June 19, 2026, with extensions requiring sponsors to deposit $50,000/month into the trust. If Bayview cannot complete a business combination, it must return remaining trust funds to shareholders and dissolve.