Bannix Acquisition Corp. Announces Monthly Extension to Complete its Initial Business Combination
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) ha annunciato un'estensione della scadenza per completare una combinazione aziendale iniziale. Il Consiglio di Amministrazione ha esteso il termine dal 14 agosto 2024 al 14 settembre 2024. Questa è la diciottesima estensione implementata dall'azienda, a seguito dell'approvazione da parte degli azionisti avvenuta nel marzo 2024, che consente fino a sei estensioni di un mese.
Come parte del processo di estensione, lo sponsor dell'azienda, Instant Fame, o i suoi delegati, deporranno nel conto fiduciario, come prestito, la somma minore tra $25,000 o $0,05 per ogni azione non riscattata. Questa mossa consente a Bannix di avere ulteriore tempo per finalizzare la sua combinazione aziendale iniziale, un passo critico per le Società di Acquisizione per Scopo Speciale (SPAC).
Bannix Acquisition Corp. (BNIX) ha anunciado una extensión de su plazo para completar una combinación empresarial inicial. La Junta Directiva ha extendido el plazo del 14 de agosto de 2024 al 14 de septiembre de 2024. Esta es la decimoctava extensión implementada por la empresa, tras la aprobación de los accionistas en marzo de 2024 para permitir hasta seis extensiones de un mes.
Como parte del proceso de extensión, el patrocinador de la empresa, Instant Fame, o sus designados, depositarán en la cuenta fiduciaria, como un préstamo, el menor de $25,000 o $0.05 por cada acción no redimida. Este movimiento permite a Bannix tiempo adicional para finalizar su combinación empresarial inicial, un paso crítico para las Compañías de Adquisición de Propósito Especial (SPAC).
Bannix Acquisition Corp. (BNIX)는 초기 사업 결합을 완료하기 위한 기한 연장을 발표했습니다. 이사회는 기한을 2024년 8월 14일에서 2024년 9월 14일로 연장했습니다. 이는 주주 승인 후 시행된 열여덟 번째 연장입니다. 2024년 3월에는 최대 6개의 한 달 연장을 허용했습니다.
연장 과정의 일환으로, 회사의 스폰서인 Instant Fame 또는 그 지정자는 신탁 계좌에 대출로서 미수령 주식당 $25,000 또는 $0.05 중 적은 금액을 입금합니다. 이 조치는 Bannix가 초기 사업 결합을 마무리할 추가 시간을 허용하여 특별 목적 인수 회사(SPAC)를 위한 중요한 절차입니다.
Bannix Acquisition Corp. (BNIX) a annoncé une prolongation de son délai pour finaliser une combinaison d'affaires initiale. Le Conseil d'Administration a prolongé le délai du 14 août 2024 au 14 septembre 2024. C'est la dix-huitième prolongation mise en œuvre par la société, suite à l'approbation des actionnaires en mars 2024 pour autoriser jusqu'à six prolongations d'un mois.
Dans le cadre du processus de prolongation, le sponsor de la société, Instant Fame, ou ses désignés, déposeront dans le compte de fiducie, sous forme de prêt, le montant le plus bas de 25 000 $ ou 0,05 $ pour chaque action non rachetée. Cette mesure permet à Bannix d'avoir du temps supplémentaire pour finaliser sa combinaison d'affaires initiale, une étape cruciale pour les Sociétés d'Acquisition à But Spécial (SPAC).
Bannix Acquisition Corp. (BNIX) hat eine Verlängerung der Frist zur Durchführung einer ersten Unternehmenszusammenschluss-Anzeige angekündigt. Der Vorstand hat die Frist vom 14. August 2024 auf den 14. September 2024 verlängert. Dies ist die achtzehnte Verlängerung, die das Unternehmen nach der Genehmigung der Aktionäre im März 2024 implementiert hat, um bis zu sechs einmonatige Verlängerungen zuzulassen.
Im Rahmen des Verlängerungsprozesses wird der Sponsor des Unternehmens, Instant Fame, oder dessen Beauftragte, in das Treuhandkonto als Darlehen den geringeren Betrag von 25.000 $ oder 0,05 $ für jede nicht eingelöste Aktie einzahlen. Dieser Schritt ermöglicht Bannix zusätzliche Zeit, um seine ursprüngliche Unternehmenszusammenschluss abzuschließen, was ein kritischer Schritt für die Special Purpose Acquisition Companies (SPAC) ist.
- Extension provides additional time to complete initial business combination
- Stockholders previously approved multiple extension options
- Sponsor committed to providing additional funds to trust account
- Repeated extensions may indicate difficulties in finding or closing a suitable business combination
- Additional deposits into trust account could impact available capital
- Extended timeline may increase investor uncertainty
WILMINGTON, Del., Aug. 20, 2024 (GLOBE NEWSWIRE) -- 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 August 14, 2024 for an additional month, to September 14, 2024.
As previously disclosed, at an annual meeting of its stockholders held on March 8, 2024, 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 six times for an additional one month each time (the “Extension”) until September 14, 2024.
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)
On August 15, 2024, the Board, at the request of the Sponsor, decided to implement the eighteenth Extension and to extend the Deadline Date for an additional month to September 14, 2024.
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.
Contact :
Bannix Acquisition Corp
Douglas Davis, CEO
(302) 305-479
doug.davis@bannixacquisition.com
FAQ
What is the new deadline for Bannix Acquisition Corp (BNIX) to complete its initial business combination?
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What financial commitment does the sponsor make for each extension of BNIX?
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