Bynordic Acquisition Corp (NASDAQ: BYNO) is a blank check company formed for the purpose of completing a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more target businesses. The company does not generate operating revenue. It raised $175,950,000 in gross IPO and private placement proceeds in February 2022, which were placed in a trust account held at J.P. Morgan Chase Bank, N.A. and managed by Continental Stock Transfer and Trust Company, invested in U.S. Treasury-backed money market funds. As of December 31, 2025, the trust account held $5,532,541 in marketable securities, reflecting substantial redemptions by public stockholders over multiple extension periods. The business combination deadline has been extended repeatedly since the original August 2023 expiration, with the board authorized to extend the period monthly through August 12, 2025. The sponsor, byNordic Holdings and byNordic Holdings II, pays $10,000 per month for administrative support services and has provided financing via convertible promissory notes to cover operating expenses.

Revenue model

No operating revenue. The company earns interest income on trust account assets invested in U.S. Treasury money market funds, which is used primarily to pay taxes. For FY2024, interest earned on the trust account was $1,536,233. The sponsor pays the company $10,000 per month for administrative support services for a defined period.

Products and services

Units, Class A common stock, and warrants issued in connection with the February 2022 IPO. The company holds no operating assets or product lines pending completion of an initial business combination.

Customers and end markets

Public stockholders and the sponsor entity (byNordic Holdings and byNordic Holdings II) are the primary capital stakeholders. No commercial customers or end markets exist, as the company has no operating business as of the 10-K filed 2026-03-25.

Value-chain role

Special purpose acquisition company (SPAC). The company serves as an acquisition vehicle, with management and the sponsor responsible for identifying, evaluating, and executing an initial business combination with an unspecified target.

Geographic exposure

Incorporated in Delaware. Trust account held at J.P. Morgan Chase Bank, N.A. The sponsor's involvement may implicate CFIUS review given the presence of non-U.S. persons, per the 10-K filed 2026-03-25.

Source: SEC 10-K, filed 2026-03-25

Industry: Blank Checks