Bannix Acquisition Corp. Announces Full Exercise of Over-Allotment Option and Closing of Upsized $60 Million Initial Public Offering

Rhea-AI Summary

Bannix Acquisition Corp. has successfully closed its initial public offering (IPO) with a total of 6,900,000 units sold, including 900,000 units from the underwriter’s over-allotment option. The offering price was set at $10.00 per unit, generating $69 million in gross proceeds. The units started trading on September 10, 2021, on the Nasdaq under the ticker symbol BNIXU. Each unit comprises one share of common stock, one warrant to purchase a share at $11.50, and one right for 1/10 of a share. I-Bankers Securities, Inc. served as the sole underwriter.

Positive

• Closed IPO raised $69 million, providing substantial capital for future acquisitions.
• Trading started on Nasdaq, enhancing visibility and potential investor interest.

Negative

• None.

WOODCLIFF LAKE, N.J., Sept. 14, 2021 (GLOBE NEWSWIRE) -- Bannix Acquisition Corp. (the “Company”), a newly organized blank check company incorporated as a Delaware corporation and led by Chairman and Chief Executive Officer Subash Menon, today announced the closing of its initial public offering of 6,900,000 units, including 900,000 units sold pursuant to the full exercise of the underwriter’s over-allotment option at an offering price of $10.00 per unit. Total gross proceeds from the offering were $69,000,000 before deducting underwriting commissions and offering expenses. The units began trading on September 10, 2021 on the Nasdaq Capital Market under the ticker symbol “BNIXU.” The units consist of one share of common stock, one redeemable warrant which will entitle the holder thereof to purchase one share of common stock at $11.50 per share and one right which will entitle the holder to receive 1/10 of one share of common stock. Once the securities comprising the units begin separate trading, the common stock, the warrants and rights are expected to be traded on Nasdaq under the symbols “BNIX,” “BNIXW” and BNIXR respectively.

I-Bankers Securities, Inc. was the sole underwriter for the offering. 

The offering was made only by means of a prospectus, copies of the prospectus relating to this offering may be obtained from I-Bankers Securities, Inc., 1208 Shady LN N, Keller, Texas 76248, Attn: Operations, telephone: (214) 687-0020 or by email at operations@ibsgroup.net, or by accessing the SEC’s website, www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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 contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond the control of Bannix Acquisition Corp., including those set forth in the “Risk Factors” section of Bannix Acquisition Corp.’s registration statement and final prospectus for the IPO filed with the SEC. Copies are available on the SEC's website, www.sec.gov. Bannix Acquisition Corp. undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact Information:

Bannix Acquisition Corp.
Subash Menon
Founder, Chief Executive Officer
(908) 368-8411

FAQ

What is the purpose of Bannix Acquisition Corp's IPO?

The IPO aims to raise capital for potential mergers or acquisitions.

What are the key details of the IPO for BNIXU?

Bannix raised $69 million by issuing 6,900,000 units at $10.00 per unit.

When did the units for BNIXU start trading?

The units began trading on September 10, 2021.

What does each unit of BNIXU include?

Each unit includes one share of common stock, one warrant, and one right.

Who was the underwriter for Bannix Acquisition Corp's IPO?

I-Bankers Securities, Inc. was the sole underwriter for the offering.