Bannix Acquisition Corp. Announces Monthly Extension to Complete its Initial Business Combination
April 14 2023 - 4:05PM
Bannix Acquisition Corp. (“Bannix”) announced today that its board
of directors (the “Board”) has decided to extend the date by which
Bannix must consummate an initial business combination (the
“Deadline Date”) from April 14, 2023 for an additional month, to
May 14, 2023.
As previously disclosed, at a special meeting of
its stockholders held on March 8, 2023, Bannix’ stockholders voted
in favor of a proposal to amend Bannix’s Amended and Restated
Certificate of Incorporation (as amended, the “Amended Charter”) to
provide Bannix with the right to extend the Deadline Date up to 12
times for an additional one month each time (the “Extension”), from
April 14, 2023 to up to May 14, 2024. On March 9, 2023, Bannix
filed the Amended Charter with the Secretary of State of the State
of Delaware.
Also as previously announced, if an Extension is
implemented, the sponsor of Bannix, Instant Fame LLC (the
“Sponsor”), or its designees will deposit into the trust account,
as a loan, the lesser of (x) $75,000 and (y) $0.07 for each share
that is not redeemed in connection with the special meeting.
In connection with the second Extension, on
March 13, 2023, Bannix issued an unsecured promissory note to the
Sponsor with a principal amount equal to $75,000 (the “Note”). The
Note bears no interest and is repayable in full upon the earlier of
(a) the date of the consummation of Bannix’s initial business
combination, or (b) the date of the liquidation of Bannix. If
Bannix does not consummate an initial business combination by the
Deadline Date, the Note will be repaid only from funds held outside
of the trust account or will be forfeited, eliminated or otherwise
forgiven.
On April 14, 2023, the Board, at the request of
the Sponsor, decided to implement a second Extension and to extend
the Deadline Date for an additional month to May 14, 2023.
About Bannix Acquisition
Corp.
Bannix Acquisition Corp. is a blank check
company, also commonly referred to as a special purpose acquisition
company, or SPAC, formed for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses or
entities.
Forward-Looking Statements
This press release and oral statements made from
time to time by representatives of the Company may include
“forward-looking statements” within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. All statements
other than statements of historical fact included in this press
release are forward-looking statements. When used in this press
release, words such as “anticipate,” “believe,” “continue,”
“could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,”
“possible,” “potential,” “predict,” “project,” “should,” “would”
and similar expressions, as they relate to the Company or its
management team, identify forward-looking statements. Such
forward-looking statements are based on the beliefs of the
Company’s management, as well as assumptions made by, and
information currently available to, the Company’s management.
Actual results could differ materially from those contemplated by
the forward-looking statements as a result of certain factors
detailed in the Company’s filings with the SEC. All subsequent
written or oral forward-looking statements attributable to the
Company or persons acting on its behalf are qualified in their
entirety by this paragraph. Forward-looking statements are subject
to numerous conditions, many of which are beyond the control of the
Company, including those set forth in the Risk Factors section of
the Company’s registration statement and prospectus for the
Company’s initial public offering filed with the SEC. The
Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
Contacts:Bannix Acquisition
CorporationDoug Davis, CEO(323)
682-8949doug.davis@bannixacquisition.com
Source: Bannix Acquisition Corp.
Bannix Acquisition (NASDAQ:BNIX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bannix Acquisition (NASDAQ:BNIX)
Historical Stock Chart
From Jul 2023 to Jul 2024