BAYA

BAYA is not a business — it is a Cayman Islands blank-check SPAC that, by its own 10-K, 'has generated no revenues to date' and whose 'only activities since February 16, 2023 (inception)' have been organizing and hunting for a merger target. All of its reported income is passive interest: FY2025 'net income of $202,599' came entirely from '$1,189,102' of trust and bank interest 'offset by formation and operating costs of $986,503.' Strip out the interest and the operating business loses money every year (operating income -$987K). There is no announced deal in the data, so the entire investment case rests on an unknowable future combination — the definition of not-investable-now.

The balance sheet is deteriorating fast and signals heavy redemptions. Total assets collapsed 70.2% YoY to $11.8M while shares outstanding fell 49.7% to 2.74M and the company paid $21.8M to repurchase/redeem stock — the trust is being drained as holders take their $10 back. Stockholders' equity is -$5.51M (liabilities/equity -1.01x), current liabilities of $3.47M tower over current assets of just $52.5K (a ~$3.4M working-capital deficit), and the MD&A pegs operating cash outside trust at only '$44,129,' with the company dependent on discretionary sponsor loans that it is 'not obligated' to provide. This is a shell running low on the cash it needs to even close a deal.