Bannix Announces Monthly Extension to Complete Business Combination

Deal News | Feb 12, 2025 | EIN

Bannix Acquisition Corp., a Special Purpose Acquisition Company (SPAC), has announced an extension for completing its initial business combination until March 14, 2025. During its annual meeting on September 6, 2024, stockholders approved an amendment permitting up to six one-month extensions. The latest extension was requested by Bannix's sponsor, Instant Fame LLC, on February 12, 2025. As part of this extension, Instant Fame LLC or its designees will deposit into the trust account the lesser of $25,000 or $0.05 per non-redeemed share as a loan. This move grants Bannix additional time to finalize its planned merger, asset acquisition, reorganization, or similar business combination as it navigates complex market conditions. Forward-looking statements were made in the announcement, which carry inherent risks as laid out in Bannix’s SEC filings, and the firm has declared no obligation to update these statements beyond current disclosures.

Sectors

Financial Services
Mergers and Acquisitions

Geography

United States – Bannix Acquisition Corp. is an American company, and the context of its business activities, including the extension of its acquisition deadline, involves U.S. regulatory frameworks.

Industry

Financial Services – The article involves a SPAC, which is a financial instrument used for business acquisitions and falls under the broader financial services sector.
Mergers and Acquisitions – Bannix Acquisition Corp. is engaged in activities related to mergers, asset acquisitions, and business combinations, which are core aspects of the M&A industry.

Financials

25,000 – Maximum amount to be deposited by Instant Fame LLC into the trust account as a loan per extension period if not all shares are redeemed.
0.05 – Per share amount deposited by Instant Fame LLC into the trust account as a loan for each share not redeemed.

Participants

Name	Role	Type	Description
Bannix Acquisition Corp.	Target Company	Company	A Special Purpose Acquisition Company (SPAC) focused on completing a business combination in the form of a merger or acquisition.
Instant Fame LLC	Sponsor	Company	The sponsor of Bannix Acquisition Corp., responsible for funding extensions and supporting the SPAC's business combination efforts.