byNordic Acquisition Extends Deadline for Business Combination

byNordic Acquisition Corp. has extended its business combination deadline to August 12, 2026, after stockholders approved the amendment at an annual meeting. The extension was funded by depositing $17,470 into the trust account. Additionally, the company issued a $300,000 promissory note to an affiliate of its sponsor for general working capital.

byNordic Acquisition Corp. (BYNO) has successfully secured an extension for its business combination deadline, moving it from August 12, 2025, to August 12, 2026. The extension was approved by shareholders at the company's annual meeting on August 6, 2025, with a relatively low redemption rate of 7.4% [1].

The extension was funded by a deposit of $17,470 into the company's trust account on August 11, 2025, immediately extending the deadline to September 12, 2025 [1]. Additionally, the company issued a $300,000 interest-free promissory note from Achilles Capital AB, an affiliate of its sponsor, Water by Nordic AB. The proceeds from this note will be used for general working capital, providing immediate liquidity for the company's operations as it continues its search [1].

The low redemption rate indicates strong shareholder confidence in the company's prospects, with 571,053 shares out of 7,697,796 shares entitled to vote being tendered for redemption [1]. The extension allows BYNO to continue its search for a suitable business combination without needing further shareholder votes for each monthly extension, providing the company with additional operational flexibility.

In addition to the financial and timeline adjustments, shareholders also re-elected all five incumbent directors to the board, ensuring leadership continuity as BYNO navigates its extended search period [1]. This move reinforces the stability required to identify and execute a successful merger.

References:
[1] https://www.panabee.com/news/byno-gains-critical-time-shareholders-approve-year-long-extension-low-7-redemptions-note