Bannix Acquisition Corp. Announces Pricing of Upsized $60 Million Initial Public Offering

Rhea-AI Summary

Bannix Acquisition Corp. announced the pricing of its upsized initial public offering (IPO) of 6,000,000 units at $10.00 each, consisting of one share of common stock, one redeemable warrant, and one right to receive 1/10 of a share upon business combination completion. Each warrant is exercisable at $11.50 per share. The underwriter has a 30-day option for an additional 900,000 units. Trading under the ticker symbol 'BNIXU' on Nasdaq starts on September 10, 2021, with the offering expected to close on September 14, 2021.

Positive

• Upsized IPO of 6,000,000 units enhances initial capital raising potential.
• Warrants and rights included in the offering may attract investor interest.
• Positive market reception expected with Nasdaq trading initiation.

Negative

• None.

WOODCLIFF LAKE, N.J., Sept. 10, 2021 (GLOBE NEWSWIRE) -- Bannix Acquisition Corp. (the “Company”), a newly organized blank check company incorporated as a Delaware corporation, today announced the pricing of its upsized initial public offering of 6,000,000 units at an offering price of $10.00 per unit, with each unit consisting of one share of the common stock of the Company, one redeemable warrant and one right to receive 1/10 of one share of common stock upon consummation of a business combination. Each warrant will entitle the holder thereof to purchase one share of common stock at $11.50 per share. The Company has granted the underwriter a 30-day option to purchase up to 900,000 additional units at the initial public offering price to cover over-allotments, if any. The units are expected to trade on the Nasdaq Capital Market (“Nasdaq”) under the ticker symbol “BNIXU” beginning September 10, 2021. Once the securities comprising the units begin separate trading, the common stock, the warrants and the rights are expected to be traded on Nasdaq under the symbols “BNIX,” “BNIXW” and “BNIXR” respectively. The offering is expected to close on September 14, 2021, subject to customary closing conditions.

I-Bankers Securities, Inc. is acting as sole underwriter for the offering. 

Registration statements relating to the securities sold in the initial public offering were declared effective by the U.S. Securities and Exchange Commission (the “SEC”). The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from I-Bankers Securities, Inc., 1208 Shady Lane 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,” including with respect to the Company’s initial public offering (“IPO”) and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. 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 preliminary 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 pricing of Bannix Acquisition Corp's initial public offering?

Bannix Acquisition Corp. priced its IPO at $10.00 per unit for 6,000,000 units.

When will Bannix Acquisition Corp's IPO start trading on Nasdaq?

The IPO is expected to start trading under the ticker symbol 'BNIXU' on September 10, 2021.

What does each unit in Bannix Acquisition Corp's IPO include?

Each unit consists of one share of common stock, one redeemable warrant, and one right to receive 1/10 of a share upon business combination.

What is the expected closing date for Bannix Acquisition Corp's IPO?

The IPO is expected to close on September 14, 2021, subject to customary closing conditions.