WEST HOLLYWOOD, Calif., March 14, 2023 (GLOBE NEWSWIRE) — Bannix Acquisition Corp. today announced (“Bannix”) that its board of directors (the “Board”) has decided to extend the date by which Bannix must complete a preliminary business combination (the “Deadline Date”) from March 14, 2023 for additional month, until April 14, 2023.
As previously disclosed, at a special meeting of its stockholders held on March 8, 2023, Bannix stockholders voted in favor of a proposal to amend Bannix’s Amended and Restated Certificate of Incorporation (as amended, the “Amended Charter”) to grant Bannix the right to extend the Due Date up to 12 times for an additional month each time (the “Extension”), from March 14, 2023 to March 14, 2024. On March 9 , 2023, Bannix filed the Amended Charter with the Secretary of State of the State of Delaware.
Also as previously announced, if an Extension is implemented, Bannix’s sponsor, Instant Fame LLC (the “Sponsor”), or its designees will deposit into the trust account, as a loan, the lesser of (x) $75,000 and (y). ) $0.07 for each share not redeemed in connection with the special meeting.
In connection with the initial Extension, on March 13, 2023, Bannix issued an unsecured promissory note to the Sponsor with a principal amount equal to $75,000 (the “Note”). The Note bears no interest and is payable in full on the earlier of (a) the date of completion of the first business combination of Bannix, or (b) the date of liquidation of Bannix. If Bannix does not complete an initial business combination by the Deadline Date, the Note will be redeemable only from funds held outside the trust account or will be forfeited, withdrawn or otherwise forgiven.
On March 13, 2023, the Board, at the request of the Sponsor, decided to implement the first Extension and extend the Due Date for an additional month until March 14, 2023.
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 a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.
This statement and oral statements made from time to time by representatives of the Company may constitute “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,” “forecast,” “project,” “should,” “could” and similar expressions, as related to the Company or its management team, refer to 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 may 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 by the entirety of this paragraph. Forward-looking statements are subject to many conditions, many of which are beyond the Company’s control, 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 has no obligation to update these statements for changes or modifications after the date of this release, except as required by law.
Bannix Acquisition Corporation
Doug Davis, CEO
Source: Bannix Acquisition Corp.