Bannix Extends Merger Deadline Once Again
Deal News | Jan 16, 2025 | EIN
Bannix Acquisition Corp., a Special Purpose Acquisition Company (SPAC), has announced the approval of a monthly extension to finalize its initial business combination. As part of a decision made by its stockholders during an annual meeting on September 6, 2024, Bannix has the capability to extend the deadline for up to six months, one month at a time, until March 14, 2025. This mechanism aims to provide additional time for Bannix to execute its merger or acquisition strategy effectively. On January 14, 2025, following the Sponsor's — Instant Fame LLC — proposal, the Board approved the twenty-third extension, prolonging the deadline to February 14, 2025. During each extension, the Sponsor or its designee is required to deposit the lesser of $25,000 or $0.05 per non-redeemed share into the trust account. Such extensions are critical in SPAC operations, facilitating more time to identify and engage in substantial mergers or acquisitions. This update contains forward-looking statements relating to Bannix's future acquisition plans, which are subject to multiple variables and market conditions.
Sectors
- Financial Services
- Private Equity
Geography
- United States – Bannix Acquisition Corp. operates as a SPAC under US jurisdiction, adhering to regulations set by the Securities and Exchange Commission (SEC).
Industry
- Financial Services – The article involves Bannix Acquisition Corp., a SPAC, which falls under the Financial Services industry specializing in mergers and acquisitions.
- Private Equity – The involvement of Instant Fame LLC as a sponsor suggests connections to Private Equity activities, particularly concerning SPAC sponsorship and investment strategies.
Financials
- $25,000 – Maximum loan amount per extension which Instant Fame LLC will deposit into Bannix's trust account.
- $0.05 per share – Alternate calculation for the deposit per non-redeemed share during each extension.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bannix Acquisition Corp. | SPAC pursuing a business combination | Company | A blank check company aimed at mergers, share exchanges, and acquisitions. |
| Instant Fame LLC | Sponsor of Bannix Acquisition | Company | Provides financial backing and support to Bannix for its acquisition activities. |
| SEC | Regulatory authority | Government | US Securities and Exchange Commission is the regulatory body governing SPAC activities. |