Bannix Acquisition Corp. Announces Monthly Extension to Complete its Initial Business Combination
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 has a structured plan to extend the Deadline Date up to six times, providing flexibility up to September 14, 2024.
- The sponsor, Instant Fame , is committed to supporting the extension financially, ensuring up to $25,000 in loans per extension.
- There might be concerns regarding Bannix's ability to finalize a business combination within the given timeframe, as multiple extensions imply delays.
- Frequent extensions may signal potential difficulties in identifying or securing a suitable business combination, potentially affecting investor confidence.
WILMINGTON, Del., June 17, 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 June 14, 2024 for an additional month, to July 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 June 14, 2024, the Board, at the request of the Sponsor, decided to implement the sixteen Extension and to extend the Deadline Date for an additional month to July 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 Date for Bannix Acquisition Corp.'s business combination?
How many times can Bannix Acquisition Corp. extend the business combination deadline?
What is the financial commitment from Instant Fame for each extension?
When did Bannix stockholders vote on the proposal to allow for deadline extensions?
What is the maximum possible extension period for Bannix's business combination deadline?
