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Nasdaq warns Bayview (NASDAQ: BAYA) on MVPHS as merger deadline moves to June 2026

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Bayview Acquisition Corp has amended its merger agreement and received a Nasdaq listing deficiency notice. The Third Amendment to the Merger Agreement extends the Outside Closing Date to June 15, 2026, giving more time to complete the proposed business combination with Oabay-related entities.

Separately, Nasdaq notified Bayview on January 16, 2026 that it is not in compliance with the Market Value of Publicly Held Shares requirement, which calls for a minimum MVPHS of $15.0 million. Bayview has 180 days, until July 15, 2026, to regain compliance by having its MVPHS close at or above $15.0 million for at least ten consecutive business days. The notice does not immediately affect trading, but failure to regain compliance could lead to delisting, subject to potential appeal.

Positive

  • None.

Negative

  • Nasdaq MVPHS deficiency notice introduces delisting risk: Bayview’s market value of publicly held shares has fallen below the required $15.0 million, and failure to regain compliance by July 15, 2026 could lead to its securities being delisted from the Nasdaq Global Market, subject to appeal.

Insights

Nasdaq warning raises listing risk while merger timeline is extended.

Bayview Acquisition Corp extended the Outside Closing Date of its merger agreement to June 15, 2026. This indicates the parties are still pursuing the business combination and are allowing more time to complete the required steps and approvals before the deal can close.

In parallel, Bayview received a Nasdaq notice that it no longer meets the Market Value of Publicly Held Shares requirement, which mandates MVPHS of at least $15.0 million. The company has 180 days, until July 15, 2026, for its MVPHS to close at or above $15.0 million for ten consecutive business days to regain compliance.

If Bayview does not regain compliance by the end of this period, Nasdaq may move to delist its securities, though Bayview would be able to appeal to a hearing panel. The company states it intends to monitor MVPHS and consider available options, so subsequent disclosures around trading status and progress toward the merger by mid-2026 will be important for understanding its path forward.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

current report
pursuant to section 13 or 15(D)
of the securities exchange act of 1934

 

Date of Report (Date of earliest event reported): January 16, 2026

 

 

 

Bayview Acquisition Corp

(Exact name of registrant as specified in its charter)

 

 

 

Cayman Islands   001-41890   N/A
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (I.R.S. Employer
Identification Number)

 

420 Lexington Ave, Suite 2446

New York, NY 10170

(Address of principal executive offices, including zip code)

 

Registrant’s telephone number, including area code (347) 627-0058

 

Not Applicable
(Former name or former address, if changed since last report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Units, each consisting of one ordinary share and one right   BAYAU   The Nasdaq Stock Market LLC
Ordinary Shares, par value $0.0001 per share   BAYA   The Nasdaq Stock Market LLC
Rights, each right entitling the holder thereof to one-tenth of one ordinary share   BAYAR   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act

 

 

 

 

 

 

Item 1.01 Entry into a Material Definitive Agreement.

 

Amendment to Merger Agreement

 

As previously disclosed, on June 7, 2024, Bayview Acquisition Corp, a Cayman Islands exempted company (the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Oabay Holding Company, a Cayman Islands exempted company limited by shares (“PubCo”), Oabay Inc., a Cayman Islands exempted company limited by shares, Bayview Merger Sub 1 Limited, a Cayman Islands exempted company limited by shares and a wholly-owned subsidiary of PubCo, Bayview Merger Sub 2, a Cayman Islands exempted company limited by shares and a wholly-owned subsidiary of PubCo, Oabay Merger Sub Limited, a Cayman Islands exempted company limited by shares and a wholly-owned subsidiary of PubCo, BLAFC Limited, a business company limited by shares in the British Virgin Islands, Bayview Holding LP, a Delaware limited partnership, and Peace Investment Holdings Limited, a Delaware limited partnership.

 

On June 26, 2024, the parties to the Merger Agreement entered into Amendment No. 1 to the Merger Agreement pursuant to which, among other things, the parties agreed to revise the earnout milestones to reflect new consolidated revenue metrics. On May 14, 2025, the parties to the Merger Agreement entered into Amendment No. 2 to the Merger Agreement pursuant to which the parties agreed to realign the sequence of the transactions contemplated by the Merger Agreement.

 

On January 21, 2026, the parties to the Merger Agreement entered into Amendment No. 3 to the Merger Agreement (the “Third Amendment”), pursuant to which the Outside Closing Date (as defined in the Merger Agreement) was extended to June 15, 2026.

 

The foregoing summary of the Third Amendment does not purport to be complete and is qualified in its entirety by reference to the Third Amendment, a copy of which is filed as Exhibit 2.1 and is incorporated by reference herein.

 

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

 

On January 16, 2026, the Company received a written notice (the “Notice”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the Company is not in compliance with Nasdaq Listing Rules 5450(b)(2)(C), 5810(c)(3)(D), 5810(b), and 5505 (collectively, the “MVPHS Rules”), which requires the Company to maintain a minimum Market Value of Publicly Held Shares (“MVPHS”) of $15.0 million. The Notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company’s securities on the Nasdaq Global Market.

 

The Notice states that the Company has 180 calendar days, or until July 15, 2026, to regain compliance with the MVPHS Rules. To regain compliance, the Company’s MVPHS must close at $15.0 million or more for a minimum of ten consecutive business days during the 180-day compliance period ending on July 15, 2026. In the event the Company does not regain compliance with the MVPHS Rules prior to the expiration of the compliance period, it will receive written notification that its securities are subject to delisting. At that time, the Company will have the opportunity to appeal the decision to a Nasdaq Hearing Panel. The Company intends to monitor its MVPHS and consider its available options to regain compliance with the MVPHS Rules.

 

Forward-Looking Statements

 

This Current Report on Form 8-K includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “expects,” “intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,” “seeks,” or other similar expressions. Such statements are subject to certain risks and uncertainties that may cause the Company’s actual results to differ from the expectations expressed in the forward-looking statements. There can be no assurance that the Company will achieve such expectations, including regaining compliance with the MVPHS Rules during any compliance period or in the future, otherwise meeting Nasdaq compliance standards, being granted by Nasdaq any relief from delisting as necessary, or ultimately meeting applicable Nasdaq requirements for any such relief. The forward-looking statements contained in this report speak only as of the date of this report and the Company undertakes no obligation to publicly update any forward-looking statements to reflect changes in information, events or circumstances after the date of this report, unless required by law.

 

2/4

 

 

Item 9.01. Financial Statements and Exhibits

 

(d) Exhibits.

 

The Exhibit Index is incorporated by reference herein.

 

EXHIBIT INDEX

 

Exhibit No.   Description
2.1   Amendment No. 3 to Merger Agreement, dated January 21, 2026.
104   Cover Page Interactive Data File (embedded with the Inline XBRL document).]

 

3/4

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 BAYVIEW ACQUISITION CORP
   
Date: January 22, 2026By:/s/ Xin Wang
 Name:Xin Wang
 Title:Chief Executive Officer

 

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FAQ

What did Bayview Acquisition Corp (BAYA) change in its merger agreement?

Bayview Acquisition Corp entered into Amendment No. 3 to its Merger Agreement, extending the Outside Closing Date to June 15, 2026, giving the parties additional time to complete the proposed business combination.

Why did Nasdaq issue a deficiency notice to Bayview Acquisition Corp (BAYA)?

Nasdaq notified Bayview that it is not in compliance with the Market Value of Publicly Held Shares (MVPHS) requirement, which requires a minimum MVPHS of $15.0 million under Nasdaq Listing Rules 5450(b)(2)(C), 5810(c)(3)(D), 5810(b), and 5505.

How long does Bayview Acquisition Corp (BAYA) have to regain Nasdaq MVPHS compliance?

Bayview has 180 calendar days, until July 15, 2026, to regain compliance. Its MVPHS must close at or above $15.0 million for at least ten consecutive business days during this period.

Does the Nasdaq deficiency notice immediately affect trading in Bayview Acquisition Corp (BAYA) securities?

No. The notice is described as a notification of deficiency, not of imminent delisting, and it currently has no effect on the listing or trading of Bayview’s securities on the Nasdaq Global Market.

What happens if Bayview Acquisition Corp (BAYA) fails to regain MVPHS compliance by July 15, 2026?

If Bayview does not regain compliance by July 15, 2026, Nasdaq may notify the company that its securities are subject to delisting. Bayview would then have the opportunity to appeal the decision to a Nasdaq Hearing Panel.

How is Bayview Acquisition Corp (BAYA) responding to the Nasdaq MVPHS notice?

Bayview states that it intends to monitor its MVPHS and consider its available options to regain compliance with the Nasdaq MVPHS rules.
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