Bannix Acquisition Corp. Announces Monthly Extension to Complete its Initial Business Combination
Bannix Acquisition Corp. announced that its board of directors has extended the deadline for completing its initial business combination from November 14, 2024 to December 14, 2024. This extension is part of a previously approved amendment allowing up to six one-month extensions until March 14, 2025. 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. This marks the twenty-first extension of the deadline.
Bannix Acquisition Corp. ha annunciato che il suo consiglio di amministrazione ha prorogato la scadenza per completare la sua combinazione aziendale iniziale dal 14 novembre 2024 al 14 dicembre 2024. Questa proroga fa parte di una modifica precedentemente approvata che consente fino a sei proroghe di un mese fino al 14 marzo 2025. Per ogni proroga, lo sponsor Instant Fame depositarà nel conto fiduciario un prestito di $25,000 o $0.05 per azione non riscattata, a seconda di quale sia il minore. Questa è la ventunesima proroga della scadenza.
Bannix Acquisition Corp. anunció que su junta directiva ha extendido la fecha límite para completar su combinación empresarial inicial del 14 de noviembre de 2024 al 14 de diciembre de 2024. Esta extensión es parte de una enmienda previamente aprobada que permite hasta seis extensiones de un mes hasta el 14 de marzo de 2025. Por cada extensión, el patrocinador Instant Fame depositará en la cuenta fiduciaria un préstamo de $25,000 o $0.05 por acción no redimida, lo que sea menor. Esta es la vigésima primera extensión de la fecha límite.
Bannix Acquisition Corp.는 이사회가 초기 사업 결합을 완료하기 위한 최종 마감일을 2024년 11월 14일에서 2024년 12월 14일로 연장했다고 발표했습니다. 이 연장은 2025년 3월 14일까지 최대 6회의 한 달 간 연장을 허용하는 이전에 승인된 수정 사항의 일환입니다. 각 연장에 대해 스폰서 Instant Fame은 신탁 계좌에 $25,000 또는 미리 상환되지 않은 주식당 $0.05 중 작은 금액의 대출을 예치합니다. 이는 마감일의 스물한 번째 연장입니다.
Bannix Acquisition Corp. a annoncé que son conseil d'administration a prolongé la date limite pour finaliser sa combinaison d'affaires initiale du 14 novembre 2024 au 14 décembre 2024. Cette prolongation fait partie d'un amendement précédemment approuvé permettant jusqu'à six prolongations d'un mois jusqu'au 14 mars 2025. Pour chaque prolongation, le sponsor Instant Fame déposera dans le compte fiduciary un prêt de 25 000 $ ou 0,05 $ par action non rachetée, selon le montant le plus bas. C'est la vingt et unième prolongation de la date limite.
Bannix Acquisition Corp. hat angekündigt, dass der Vorstand die Frist für den Abschluss der ursprünglichen Unternehmensfusion von 14. November 2024 auf 14. Dezember 2024 verlängert hat. Diese Verlängerung ist Teil einer zuvor genehmigten Änderung, die bis zu sechs einmonatige Verlängerungen bis zum 14. März 2025 erlaubt. Für jede Verlängerung wird der Sponsor Instant Fame einen Kredit von entweder $25,000 oder $0.05 pro nicht eingelöster Aktie, je nachdem, welcher Betrag kleiner ist, auf das Treuhandkonto einzahlen. Dies ist die einundzwanzigste Verlängerung der Frist.
- None.
- Continued need for deadline extensions suggests difficulties in completing the business combination
- Additional loans required for each extension may increase company debt
Insights
This SPAC extension announcement represents a routine administrative update with minimal immediate market impact. The key points to note: Bannix Acquisition Corp is extending its business combination deadline by one month to December 14, 2024, with the sponsor required to deposit up to
The extension suggests ongoing negotiations or due diligence with potential merger targets, though no specific target has been announced. For SPAC investors, these extensions are common and typically signal that management needs more time to finalize a deal. The small deposit requirement helps maintain the trust value but indicates minimal commitment compared to the total trust assets.
WILMINGTON, Del., Nov. 19, 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 November 14, 2024 for an additional month, to December 14, 2024.
As previously disclosed, at an annual meeting of its stockholders held on September 6, 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 March 14, 2025.
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 November 14, 2024, the Board, at the request of the Sponsor, decided to implement the twenty-one Extension and to extend the Deadline Date for an additional month to December 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) 305-4790
doug.davis@bannixacquisition.com
FAQ
When is Bannix Acquisition Corp's (BNIX) new deadline for completing its business combination?
How many extensions can Bannix (BNIX) implement for its business combination deadline?
How much does Instant Fame need to deposit for each Bannix (BNIX) deadline extension?
