New York, NY, June 07, 2024 (GLOBE NEWSWIRE) — Bayview Acquisition Corp (NASDAQ: BAYA, BAYAU, and BAYAR), a special purpose acquisition company, announced the execution of an Agreement and Plan of Merger, pursuant to which BAYA will undergo a business combination with Oabay Inc., which provides trade credit digital transformation solutions, through its wholly owned subsidiary in mainland China. The transaction has been approved by the boards of directors of BAYA and Oabay and is expected to be consummated in late 2024. The closing of the transaction is subject to regulatory approval, approval by the shareholders of BAYA and Oabay and the satisfaction of certain other customary closing conditions.
Company Overview
Oabay provides trade credit digital transformation solutions that primarily consist of two types of services: supply chain finance cloud services and trade credit management cloud services. Leveraging and building upon its experience in accounts receivable factoring and enterprise credit digitalization for small-to-medium-sized enterprises, Oabay offers supply chain financing to critically and strategically positioned companies, and optimizes the process to produce credit assets within supply chains for financial institutions and other companies with improved efficiency and savings. Oabay has more than ten years of operating history and is a pioneer in the Chinese trade credit technology solutions industry.
Advisors
Winston & Strawn LLP is serving as legal advisor to BAYA, Han Kun Law Offices LLP and Ogier are serving as PRC and Cayman legal advisors to BAYA, respectively. Hunter Taubman Fischer & Li LLC is serving as legal advisor to Oabay, Yingke Law Firm and Ogier are serving as PRC and Cayman legal advisors to Oabay.
About Oabay Inc
Oabay provides trade credit digital transformation solutions that primarily consist of two types of services: supply chain finance cloud services and trade credit management cloud services. Leveraging and building upon its experience in accounts receivable factoring and enterprise credit digitalization for small-to-medium-sized enterprises, Oabay offers supply chain financing to critically and strategically positioned companies, and optimizes the process to produce credit assets within supply chains for financial institutions and other companies with improved efficiency and savings. Oabay has more than ten years of operating history and is a pioneer in the Chinese trade credit technology solutions industry.
About Bayview Acquisition Corp
Bayview Acquisition Corp is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the company is not limited to a particular industry or geographic region in its identification and acquisition of a target company, the company has focused its search on businesses throughout Asia.
