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WILMINGTON, Del. - VisionWave Holdings Inc., a defense development company focused on artificial intelligence and autonomous solutions, announced today the completion of its business combination with Bannix Acquisition Corp. (formerly Nasdaq:BNIX), a special purpose acquisition company. The merger involves a micro-cap entity with a market capitalization of $22.86 million, according to InvestingPro data.
The combined company’s shares will commence trading on the Nasdaq Global Market under the ticker symbol "VWAV" on Tuesday, with warrants trading under "VWAVW," according to a press release statement. The stock has shown significant price volatility, with shares currently trading at $2.89, substantially below its 52-week high of $18.41.
VisionWave Technologies develops defense technologies including high-resolution radars, advanced vision systems, and radio frequency sensing technologies for military and homeland security applications.
"Completing the Business Combination and having our shares listed on the Nasdaq Global Market is a significant achievement for the VisionWave team," said Douglas Davis, Executive Chairman of VisionWave Holdings. InvestingPro analysis indicates the company faces financial challenges, with negative earnings per share of -$0.37 and a weak overall financial health score. Subscribers can access additional insights and 5 more ProTips about the company’s financial position.
Noam Kenig, Chief Executive Officer of VisionWave Holdings, stated that the company’s focus will be on "accelerating innovation in defense-grade AI systems, pursuing strategic global partnerships, and delivering on contracts."
The transaction makes both VisionWave Technologies and Bannix Acquisition Corp. wholly-owned subsidiaries of the newly formed VisionWave Holdings Inc.
VisionWave maintains headquarters in the United States with strategic partnerships in Canada and the United Arab Emirates. The company aims to serve global markets with defense solutions across air, ground, and sea domains.
Fleming PLLC served as legal counsel to Bannix Acquisition Corp., while Law Office of Robert M. Yaspan provided legal counsel to VisionWave Technologies. RBSM LLP acted as auditor to VisionWave Holdings. For comprehensive financial analysis and detailed metrics on newly listed companies like VisionWave, visit InvestingPro for exclusive insights and real-time valuations.
In other recent news, Bannix Acquisition Corp. announced that its subsidiary, VisionWave Holdings Inc., has entered into deferral agreements with several creditors. These agreements, dated May 25, 2025, involve deferring approximately $3,023,195 in obligations. Of this amount, $2,019,200 is owed to insiders and affiliated entities, while $1,003,995 is owed to Evie Autonomous Ltd. The deferment is part of Bannix’s strategy to address liquidity needs for a potential financing transaction, which remains uncertain at this time. The company clarified that no securities were issued as part of these agreements. VisionWave retains discretion over future payments, provided certain conditions are met. This financial strategy aims to support VisionWave’s operational launch and presence in the capital market following a proposed business combination with VisionWave Technologies Inc. The information was disclosed through a press release statement filed with the SEC.
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