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Bannix Acquisition Corp. (NASDAQ:BNIX), a special purpose acquisition company with a market capitalization of $33.47 million, has announced amendments to its corporate structure and agreements following a vote by its shareholders. On Thursday, the shareholders approved an extension of the deadline to complete a business combination from March 14, 2025, to June 14, 2025. This extension allows Bannix additional time to finalize a merger or similar business transaction.
In conjunction with the extension, Bannix also entered into an amendment with Continental Stock Transfer & Trust Company to modify the existing Investment Management Trust Agreement. This amendment was made to reflect the new timeline for completing a business combination.
During the special meeting held on Thursday, stockholders exercised their right to redeem 225,082 shares of common stock. Consequently, approximately $2.57 million will be withdrawn from the company’s trust account to pay these shareholders, equating to roughly $11.43 per share. Following these redemptions, Bannix will have 2,623,666 shares outstanding. According to InvestingPro analysis, the company currently shows weak financial health with short-term obligations exceeding liquid assets.
The approved amendments will be formally filed with the Delaware Secretary of State. These changes are part of Bannix’s strategic efforts to provide additional flexibility and time to secure a suitable business combination partner.
This news is based on a press release statement and reflects the corporate actions taken by Bannix Acquisition Corp. as it navigates the process of identifying and merging with a target company.
In other recent news, Bannix Acquisition Corp. has decided to defer approximately $2.95 million in transaction costs and obligations related to its forthcoming business combination with VisionWave Technologies Inc. The deferrals include legal and financial advisory services costs estimated at $300,000, which are now due three months after the transaction’s closing. Additionally, a consolidated promissory note amounting to $1,003,995, held by Evie Autonomous Ltd., will be settled within four months post-closing. Bannix has also arranged to defer payments totaling $1,346,643 owed to its Sponsor and affiliates. These deferred payments cover promissory notes, administrative support fees, and advances, with a due date set for December 12, 2025. The company plans to source these payments from the working capital of the post-closing entity or through future fundraising efforts. This strategic move is intended to provide Bannix Acquisition Corp. with greater financial flexibility as it focuses on completing the merger with VisionWave Technologies. The information was disclosed in a press release filed with the SEC.
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