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Bannix Acquisition Corp. (NASDAQ: BNIX) is a blank check company, also known as a Special Purpose Acquisition Company (SPAC). The primary aim of Bannix Acquisition Corp. is to identify and merge with a promising business, thereby taking it public. This strategic initiative allows private companies to gain access to the capital markets without going through the traditional IPO process.
Recently, Bannix has made significant strides in the autonomous vehicle sector. In a notable development, Bannix entered into a definitive Patent Purchase Agreement with GBT Technologies Inc. (OTC Pink: GTCH) to acquire the Apollo IP system for $42.5 million. The Apollo system includes four granted patents and one pending patent, focusing on radio frequency-based computer vision technology. This technology aims to enhance the perception and mapping capabilities of autonomous vehicles in various lighting and weather conditions.
The Apollo system will be integrated into Evie Autonomous, a UK-based autonomous vehicle technology company acquired by Bannix earlier this year. Evie Autonomous is known for its driverless platforms designed to revolutionize logistics, public services, and mass transit. One of their notable projects includes the deployment of autonomous electric pods at London Heathrow Airport, which transport passengers from parking areas to Terminal 5.
Bannix's CEO, Doug Davis, highlighted the synergy between Evie Autonomous's existing technologies and the Apollo system. Evie's technologies already include precise radio frequency-based radar technology, which Apollo's advanced AI algorithms can further enhance. The combined capabilities are expected to offer superior navigation, obstacle avoidance, and route mapping, making these technologies highly suitable for various applications, including airports, shipping ports, security, warehousing, and healthcare.
The global market for autonomous vehicles is projected to grow significantly, with estimates suggesting an increase from $147.5 billion in 2022 to $4.2 trillion by 2032. This growth is driven by government investments, improved safety and security features, and enhanced navigation abilities. Bannix's strategic acquisitions and partnerships position it to be a significant player in this burgeoning market.
For investors, Bannix Acquisition Corp. represents a unique opportunity to invest in cutting-edge autonomous vehicle technologies and participate in the rapid growth of this innovative sector.
Bannix Acquisition Corp. (BNIX) has announced a one-month extension to complete its initial business combination. The board of directors has extended the deadline from October 14, 2024, to November 14, 2024. This decision follows a stockholder vote on September 6, 2024, approving an amendment to allow up to six one-month extensions until March 14, 2025.
As part of this extension, the company's sponsor, Instant Fame , will deposit into the trust account a loan amount equal to the lesser of $25,000 or $0.05 per non-redeemed share. This marks the twentieth extension implemented by the board at the sponsor's request.
Bannix Acquisition Corp. (BNIX) has announced a one-month extension of its deadline to complete an initial business combination. The new deadline is now October 14, 2024, extended from September 14, 2024. This extension is part of a series of up to six one-month extensions approved by stockholders on September 6, 2024, potentially pushing the final deadline to March 14, 2025. The company's sponsor, Instant Fame , will deposit into the trust account either $25,000 or $0.05 per non-redeemed share, whichever is less, as a loan for each extension implemented.
Bannix Acquisition Corp. (BNIX) has announced an extension of its deadline to complete an initial business combination. The Board of Directors has extended the deadline from August 14, 2024, to September 14, 2024. This is the eighteenth extension implemented by the company, following stockholder approval in March 2024 to allow up to six one-month extensions.
As part of the extension process, the company's sponsor, Instant Fame , or its designees will deposit into the trust account, as a loan, the lesser of $25,000 or $0.05 for each non-redeemed share. This move allows Bannix additional time to finalize its initial business combination, a critical step for Special Purpose Acquisition Companies (SPACs).
Bannix Acquisition Corp. (BNIX) has announced a one-month extension of its deadline to complete an initial business combination. The new deadline is now August 14, 2024, extended from July 14, 2024. This marks the seventeenth extension approved by the company's board of directors.
The extension is part of a provision allowing up to six one-month extensions until September 14, 2024, as approved by stockholders on March 8, 2024. For each extension, the sponsor, Instant Fame , will deposit into the trust account a loan of either $25,000 or $0.05 per non-redeemed share, whichever is less.
Bannix Acquisition Corp. announced that its board has approved a one-month extension for completing its initial business combination, moving the Deadline Date to July 14, 2024. This decision follows a stockholder vote in March 2024, which allowed for up to six one-month extensions. The sponsor, Instant Fame , will deposit the lesser of $25,000 or $0.05 per non-redeemed share into the trust account as a loan. The extension is part of Bannix's strategy to finalize a suitable business combination.
Bannix Acquisition Corp. (NASDAQ: BNIX) announced that it received a notification from NASDAQ on May 23, 2024, about non-compliance with NASDAQ Listing Rule 5250(c)(1). The notification is due to Bannix failing to file its Quarterly Report on Form 10-Q for the period ended March 31, 2024, and its Form 10-K for the fiscal year ended December 31, 2023. The company has until June 24, 2024, to submit a plan to regain compliance. Bannix is working to complete these filings promptly but cannot guarantee meeting the deadline. This notification does not immediately affect the company's NASDAQ listing.
Bannix Acquisition Corp. announced an extension of its deadline to complete its initial business combination by one month, moving the new date to June 14, 2024.
This follows a March 2024 stockholders vote allowing for up to six monthly extensions until September 14, 2024. The extension was requested by Instant Fame , Bannix's sponsor, which will deposit a loan into the trust account based on certain conditions.
Bannix Acquisition Corp. (NASDAQ: BNIX) received a notification from Nasdaq regarding non-compliance with listing rules due to the delay in filing the Annual Report on Form 10-K for the year ended December 31, 2023. The company has 60 days to submit a plan to regain compliance, with a possible extension of up to 180 days. If unable to file by June 24, 2024, the company will submit a plan to regain compliance. The notification does not currently impact the listing of the company's securities on NASDAQ.
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