Bannix Acquisition Corp. Announces Monthly Extension to Complete its Initial Business Combination
Bannix Acquisition Corp (BNIX) has announced that its board of directors has extended the deadline for completing its initial business combination by one month, from January 14, 2025, to February 14, 2025. This extension is part of a previously approved amendment that allows up to six one-month extensions until March 14, 2025.
The extension was approved by stockholders at an annual meeting on September 6, 2024. As part of the extension terms, the company's sponsor, Instant Fame , or its designees will deposit into the trust account, as a loan, either $25,000 or $0.05 for each non-redeemed share, whichever is less. This marks the twenty-third extension implemented by the board at the sponsor's request.
Bannix Acquisition Corp (BNIX) ha annunciato che il suo consiglio di amministrazione ha prorogato di un mese la scadenza per completare la sua combinazione aziendale iniziale, dal 14 gennaio 2025 al 14 febbraio 2025. Questa proroga fa parte di una modifica precedentemente approvata che consente fino a sei proroghe di un mese fino al 14 marzo 2025.
La proroga è stata approvata dagli azionisti durante una riunione annuale il 6 settembre 2024. Come parte delle condizioni di proroga, lo sponsor dell'azienda, Instant Fame, o i suoi delegati depositeranno nel conto fiduciario, come prestito, $25.000 o $0,05 per ciascuna azione non riscattata, a seconda di quale sia inferiore. Questa rappresenta la ventitreesima proroga attuata dal consiglio su richiesta dello sponsor.
Bannix Acquisition Corp (BNIX) ha anunciado que su consejo de administración ha extendido el plazo para completar su combinación empresarial inicial por un mes, del 14 de enero de 2025 al 14 de febrero de 2025. Esta extensión es parte de una enmienda previamente aprobada que permite hasta seis extensiones mensuales hasta el 14 de marzo de 2025.
La extensión fue aprobada por los accionistas en una reunión anual el 6 de septiembre de 2024. Como parte de los términos de la extensión, el patrocinador de la empresa, Instant Fame, o sus designados, depositarán en la cuenta fiduciaria, como un préstamo, $25,000 o $0.05 por cada acción no canjeada, lo que sea menor. Esta marca la vigésima tercera extensión implementada por el consejo a solicitud del patrocinador.
Bannix Acquisition Corp (BNIX)는 이사회의 결정으로 초기 사업 결합 완료 기한을 2025년 1월 14일에서 2025년 2월 14일로 한 달 연장한다고 발표했습니다. 이 연장은 2025년 3월 14일까지 최대 6회의 한 달 연장이 가능한 이전에 승인된 수정 사항의 일부입니다.
이 연장은 2024년 9월 6일 연례 회의에서 주주들에 의해 승인되었습니다. 연장 조건의 일환으로, 회사의 후원자인 Instant Fame 또는 그 대리인이 신탁 계좌에 대한 대출로써 비상환 주식당 각각 $25,000 또는 $0.05 중 더 적은 금액을 보증금을 예치할 것입니다. 이는 후원자의 요청에 따라 이사회가 시행한 스물세 번째 연장입니다.
Bannix Acquisition Corp (BNIX) a annoncé que son conseil d'administration a prolongé d'un mois la date limite pour finaliser sa première combinaison d'affaires, passant du 14 janvier 2025 au 14 février 2025. Ce prolongement fait partie d'un amendement précédemment approuvé permettant jusqu'à six prolongations d'un mois jusqu'au 14 mars 2025.
Le prolongement a été approuvé par les actionnaires lors d'une assemblée générale annuelle le 6 septembre 2024. Dans le cadre des conditions de prolongation, le sponsor de l'entreprise, Instant Fame, ou ses représentants déposeront dans le compte fiduciaire, sous forme de prêt, soit 25 000 $, soit 0,05 $ par action non échangée, selon le montant le plus bas. Cela marque la vingt-troisième prolongation mise en œuvre par le conseil à la demande du sponsor.
Bannix Acquisition Corp (BNIX) hat bekannt gegeben, dass der Vorstand die Frist zur Durchführung seiner ursprünglichen Unternehmenszusammenschlusses um einen Monat verlängert hat, vom 14. Januar 2025 auf den 14. Februar 2025. Diese Verlängerung ist Teil einer zuvor genehmigten Änderung, die bis zu sechs einmonatige Verlängerungen bis zum 14. März 2025 gestattet.
Die Verlängerung wurde von den Aktionären bei einer Hauptversammlung am 6. September 2024 genehmigt. Im Rahmen der Verlängerungsbedingungen wird der Sponsor des Unternehmens, Instant Fame, oder seine Beauftragten einen Betrag von entweder $25.000 oder $0,05 für jede nicht eingelöste Aktie als Darlehen auf das Treuhandkonto einzahlen, je nachdem, welcher Betrag geringer ist. Dies ist die dreiundzwanzigste Verlängerung, die auf Anfrage des Sponsors vom Vorstand umgesetzt wurde.
- None.
- Continued delays in completing initial business combination
- Additional costs incurred through extension-related loans
- Uncertainty about the company's ability to complete a business combination
Insights
This SPAC extension announcement reveals important dynamics about Bannix Acquisition Corp.'s merger timeline and cash burn considerations. The extension to February 14, 2025, represents the twenty-third such extension, with the sponsor required to deposit up to
The continuous need for extensions, while common in the current SPAC market, raises concerns about deal execution and the potential for shareholder dilution. With a small market cap of
In simple terms: Think of this like extending the deadline on a house purchase closing - each extension costs money and suggests there might be complications in finalizing the deal. The sponsor keeps paying to keep the deal alive, but there's no guarantee of success.
WILMINGTON, Del., Jan. 16, 2025 (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 January 14, 2025 for an additional month, to February 14, 2025.
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 January 14, 2025, the Board, at the request of the Sponsor, decided to implement the twenty-third Extension and to extend the Deadline Date for an additional month to February 14, 2025.
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
When is BNIX's new deadline for completing its initial business combination?
How many extensions has BNIX implemented for its business combination deadline?
What is the maximum number of additional extensions available to BNIX?
How much must BNIX's sponsor deposit for each extension?
When did BNIX shareholders approve the extension amendments?
