BAYA: Short Interest Collapses 68% as SPAC Nears Merger Deadline

Bayview Acquisition Corp sees short position evaporate over past month while utilisation remains subdued at 21.5%. The SPAC trades flat at $11.95 with earnings catalyst scheduled for May 15.

Price action & positioning

BAYA closed at $11.95 on April 22. The stock is unchanged across all measured time frames — flat day-over-day, week-over-week, and month-over-month. The price stability sits just above the typical SPAC redemption floor of $10, suggesting limited downside risk ahead of the May earnings event.

Short interest & lending

Short interest stands at just 303 shares as of April 23. That position has remained flat for the past two weeks but represents a dramatic 68.5% decline over the past month. On March 23, shorts held 962 shares — three times the current level. The shares shorted dropped to 551 on April 9 before settling at the current 303 on April 10.

FINRA's fortnightly official data confirms the trend. Settlement data from April 15 showed 299 shares short with 1.44 days to cover. The minimal short position reflects low conviction among bears.

Utilisation sits at 21.5% as of April 23, down from 24.7% two weeks ago. That's far below the 52-week high of 99.6%. Through mid-to-late March, utilisation hovered around 23–24% before dipping to 14.7% between March 16 and 19. The current reading is the lowest in the past week.

Cost to borrow was last recorded at 2.17% APR on March 5 — now 51 days stale. That reading was down 66.5% from the prior month's levels. Historical CTB data shows a steady decline from December's peak of 6.5% to the current 2% range. Borrowing costs have been falling since late 2025, when rates exceeded 4.8%.

Institutional positioning

Founder Pengfei Zheng remains the dominant holder with 1.16 million shares — 42.4% of the company. His position was unchanged as of March 31. Co-founder Taylor Zhang holds 571,725 shares (20.9%), also flat.

Mizuho Financial Group trimmed its stake by 67,200 shares to 245,564 (9.0%) in Q4 2025. W.R. Berkley cut its position by 149,186 shares to just 149,185 (5.4%) in the same period. Meteora Capital reduced holdings by 138,169 shares to 196,631 (7.2%).

On the buy side, Polar Asset Management initiated a 112,811-share position (4.1%) in Q4. Clear Street added 32,233 shares to reach 33,354 (1.2%). The Quarry LP sold its entire 61,475-share position during the quarter.

Factor positioning

ORTEX's short score ranks at the 23rd percentile — well below average. The sector score sits at the 18th percentile. Days to cover ranks at the 61st percentile, indicating a middle-of-the-road liquidity profile. Utilisation ranks at the 24th percentile, confirming the borrow market is loose.

Dividend score is 47th percentile. Momentum, quality, and value ML scores are unavailable for this SPAC structure.

What to watch

Bayview has an earnings event scheduled for May 15 at 4:00 PM ET. The company previously reported on April 1, March 13, and December 12. SPACs typically use these events to announce business combination progress or redemption deadlines. With minimal short interest and stable pricing, the May event could clarify the merger timeline. The quiet short side and founder lock-up of 63% of shares suggest limited near-term volatility absent a deal announcement.