Bannix Acquisition Corp. Announces Monthly Extension to Complete its Initial Business Combination
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) ha annunciato un'estensione di un mese per completare la sua prima combinazione di business. Il consiglio di amministrazione ha prorogato la scadenza dal 14 ottobre 2024 al 14 novembre 2024. Questa decisione segue un voto degli azionisti del 6 settembre 2024, che ha approvato un emendamento per consentire fino a sei estensioni mensili fino al 14 marzo 2025.
Come parte di questa estensione, lo sponsor della società, Instant Fame, depositarà nel conto fiduciario un prestito pari al minore tra 25.000 dollari o 0,05 dollari per ogni azione non riscattata. Questo segna la ventesima estensione attuata dal consiglio su richiesta dello sponsor.
Bannix Acquisition Corp. (BNIX) ha anunciado una extensión de un mes para completar su primera combinación de negocios. La junta directiva ha ampliado el plazo del 14 de octubre de 2024 al 14 de noviembre de 2024. Esta decisión sigue a una votación de los accionistas el 6 de septiembre de 2024, que aprobó una enmienda para permitir hasta seis extensiones de un mes hasta el 14 de marzo de 2025.
Como parte de esta extensión, el patrocinador de la empresa, Instant Fame, depositará en la cuenta fiduciaria un préstamo equivalente al menor de 25,000 dólares o 0.05 dólares por acción no canjeada. Esta es la vigésima extensión implementada por la junta a solicitud del patrocinador.
Bannix Acquisition Corp. (BNIX)는 최초의 사업 결합을 완료하기 위해 한 달 연장을 발표했습니다. 이사회는 마감일을 2024년 10월 14일에서 2024년 11월 14일로 연장했습니다. 이 결정은 2024년 9월 6일 주주 투표 후 이루어졌으며, 2025년 3월 14일까지 최대 6회의 한 달 연장을 허용하는 수정안을 승인했습니다.
이번 연장의 일환으로, 회사의 후원자인 Instant Fame는 신탁 계좌에 25,000달러 또는 0.05달러 중 더 적은 금액에 해당하는 대출금을 입금할 것입니다. 이는 후원자의 요청에 의한 스무 번째 연장을 의미합니다.
Bannix Acquisition Corp. (BNIX) a annoncé une extension d'un mois pour finaliser sa première combinaison d'affaires. Le conseil d'administration a prolongé la date limite du 14 octobre 2024 au 14 novembre 2024. Cette décision fait suite à un vote des actionnaires le 6 septembre 2024, approuvant un amendement permettant jusqu'à six extensions d'un mois jusqu'au 14 mars 2025.
Dans le cadre de cette extension, le sponsor de la société, Instant Fame, déposera sur le compte fiduciaire un prêt équivalent au moindre montant de 25 000 dollars ou 0,05 dollar par action non échangée. Cela représente la vingtième extension mise en œuvre par le conseil à la demande du sponsor.
Bannix Acquisition Corp. (BNIX) hat eine einmonatige Verlängerung angekündigt, um seine erste Unternehmenszusammenführung abzuschließen. Der Vorstand hat die Frist von 14. Oktober 2024 auf 14. November 2024 verlängert. Diese Entscheidung folgt auf eine Aktionärsabstimmung am 6. September 2024, die eine Änderung genehmigte, um bis zu sechs einmonatige Verlängerungen bis zum 14. März 2025 zu ermöglichen.
Im Rahmen dieser Verlängerung wird der Unternehmenssponsor, Instant Fame, einen Darlehensbetrag in das Treuhandkonto einzahlen, der dem geringeren Betrag von 25.000 Dollar oder 0,05 Dollar pro nicht eingelöster Aktie entspricht. Dies markiert die zwanzigste Verlängerung, die auf Antrag des Sponsors vom Vorstand durchgeführt wurde.
- Extension provides more time to complete initial business combination
- Stockholder approval for multiple extensions demonstrates investor support
- Sponsor's commitment to provide additional funding for each extension
- Repeated extensions may indicate difficulties in finding suitable acquisition target
- Additional loans from sponsor could potentially increase debt
WILMINGTON, Del., Oct. 21, 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 October 14, 2024 for an additional month, to November 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 October 15, 2024, the Board, at the request of the Sponsor, decided to implement the twentieth Extension and to extend the Deadline Date for an additional month to November 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
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