Trump/Cook, Nissan weakness, more tariffs and gold - what’s moving markets
In a recent development, Bannix Acquisition Corp., a $33.47 million market cap company specializing in prepackaged software services, has been notified of its pending delisting from The Nasdaq Capital Market. According to InvestingPro data, the company currently shows weak financial health with negative earnings of $0.22 per share. The notification, received on Thursday, March 13, 2025, came from the Nasdaq Hearings Panel, which cited the company’s failure to meet the terms set forth in a decision from December 2, 2024.
As a result of this failure to comply with Nasdaq’s requirements, Bannix Acquisition Corp.’s securities will cease trading on Nasdaq and will instead begin trading on the OTCQB Venture Market. This transition is expected to take place at the start of trading on Tuesday, March 17, 2025, just one day before the company’s scheduled earnings release on March 18. InvestingPro analysis indicates the stock is currently trading above its Fair Value, with additional insights available to subscribers. The company’s trading symbols, BNIX for common stock, BNIXR for rights to receive 1/10th of one share of common stock, and BNIXW for redeemable warrants, will remain the same on the new market.
The company, headquartered in Wilmington, Delaware, has signaled its intention to keep stakeholders informed with further updates as the situation evolves. This move to the OTCQB Venture Market, often considered a stepping stone for entrepreneurial and development-stage companies, could mark a new phase for Bannix Acquisition Corp. as it seeks to navigate the regulatory landscape and satisfy the conditions of continuous listing. InvestingPro highlights that the company’s short-term obligations exceed its liquid assets, one of several key insights available to subscribers.
The information regarding this change in the company’s trading status is based on a press release statement and the recent filing with the Securities and Exchange Commission.
In other recent news, Bannix Acquisition Corp. has extended its deadline to complete a business combination from March 14, 2025, to June 14, 2025, following shareholder approval. This extension provides Bannix additional time to finalize a merger or similar transaction. Alongside this, Bannix has amended its agreement with Continental Stock Transfer & Trust Company to reflect the new timeline for completing a business combination. During a special meeting, stockholders redeemed 225,082 shares, resulting in approximately $2.57 million being withdrawn from the company’s trust account. Bannix will now have 2,623,666 shares outstanding after these redemptions.
Additionally, Bannix has deferred approximately $2.95 million in transaction costs related to its upcoming business combination with VisionWave Technologies Inc. This includes deferring $300,000 in legal and financial advisory services, payable within three months after the transaction closes. A promissory note held by Evie Autonomous Ltd., valued at $1,003,995, 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, due by December 12, 2025. These financial strategies aim to provide Bannix with greater flexibility as it moves toward finalizing the business combination.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.