Bannix Acquisition Corp. Receives NASDAQ Notification of Non-Compliance with Listing Rules
Bannix Acquisition Corp. (NASDAQ: BNIX) announced that it received a notification from NASDAQ on May 23, 2024, about non-compliance with NASDAQ Listing Rule 5250(c)(1). The notification is due to Bannix failing to file its Quarterly Report on Form 10-Q for the period ended March 31, 2024, and its Form 10-K for the fiscal year ended December 31, 2023. The company has until June 24, 2024, to submit a plan to regain compliance. Bannix is working to complete these filings promptly but cannot guarantee meeting the deadline. This notification does not immediately affect the company's NASDAQ listing.
- The company is actively working to complete the necessary filings.
- The notification does not have an immediate effect on Bannix's NASDAQ listing.
- Bannix has failed to file its Form 10-Q for March 31, 2024, and its Form 10-K for December 31, 2023.
- The company has a looming deadline of June 24, 2024, to submit a compliance plan.
- Inability to meet the filing deadline could risk Bannix’s NASDAQ listing status.
This notification signals a compliance risk for Bannix Acquisition Corp. Non-compliance with NASDAQ's listing rules, particularly regarding the timely filing of financial reports, can raise red flags for investors. This situation could imply internal challenges, such as management inefficiencies or financial instability. Continued non-compliance may result in delisting, which often leads to a sharp decline in stock price and investor confidence.
Investors should closely monitor the company’s ability to meet the June 24, 2024 deadline. Failure to comply might mean increased volatility and potential liquidity issues. The short-term impact could be a decrease in stock price due to uncertainty, while the long-term repercussions could include potential barriers to capital raising and a damaged reputation within the financial markets.
Given the nature of Bannix as a blank check company, timely filings are crucial. Investors should be wary of potential delays as they could indicate deeper operational or financial problems.
The notification from NASDAQ emphasizes the importance of regulatory compliance for blank check companies like Bannix. Failure to file Form 10-K and Form 10-Q by the stipulated deadlines can lead to various regulatory actions, including delisting. Delisting has significant legal implications, including reduced liquidity for shareholders and potential legal liability for the company’s directors and officers.
Legal ramifications might include shareholder lawsuits, especially if the non-compliance is perceived to have materially harmed investor interests. The company must ensure meticulous communication and transparency with its investors to mitigate any potential legal fallout. Filing a compliance plan by June 24, 2024, is important to avoid severe penalties and maintain investor trust.
WILMINGTON, Del., May 28, 2024 (GLOBE NEWSWIRE) -- Bannix Acquisition Corp. (NASDAQ: BNIX) (“Bannix” or the “Company”), a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, announced that on May 23, 2024, it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (“NASDAQ”) advising the Company that the Company does not comply with NASDAQ’s Listing Rule 5250(c)(1) for continued listing because NASDAQ had not received the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the “Form 10-Q”) and because the Company remains delinquent in filing its Form 10-K for the fiscal year ended December 31, 2023 (the “Form 10-K”).
In accordance with Nasdaq letter dated April 24, 2024, the Company has until June 24, 2024 to submit a plan to regain compliance with respect to these delinquent reports. The Company is working diligently to complete the Form 10-K and the Form 10-Q. If the Company is unable to file the Form 10-K and the Form 10-Q by June 24, 2024, it intends to file a plan to regain compliance with NASDAQ. This notification has no immediate effect on the listing of the Company’s securities on NASDAQ. There can be no assurance, however, that the Company will be able to file Form 10-K and Form 10-Q by June 24, 2024, regain compliance with the listing requirements discussed above or otherwise satisfy the other NASDAQ listing criteria.
About Bannix Acquisition Corp.
Bannix Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Forward Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to, among others, statements about the Company’s plans to file its Form 10-Q and amend prior SEC filings, including the restatement of certain consolidated financial statements included therein. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “is working,” “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our SEC filings. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Company Contact:
Douglas Davis
Chief Executive Officer
(302) 305-479
FAQ
Why did Bannix Acquisition Corp. receive a NASDAQ notification?
What is the deadline for Bannix to regain compliance with NASDAQ?
What happens if Bannix fails to file Form 10-K and Form 10-Q by June 24, 2024?
Does the NASDAQ notification affect Bannix's current stock listing?
What are Bannix's current filing delinquencies?
