Bannix Acquisition in an amended S-1 filing said it will now offer 5 million units at $10 each, down from the 10 million units the new SPAC initially registered in February.
A unit consists of one share of common stock, one right, and one redeemable warrant. Each right is worth one-tenth of a share. Whole warrants are exercisable for a share at $11.50.
The SPAC is focused on B2B software companies engaged in the telecom, financial services or retail sectors.
Bannix is led by Chairman and CEO Subash Menon, whio is also CEO of Pelatro, which offers campaign management and loyalty management solutions for telecommunication companies.
I-Bankers is sole book-running manager of the offering. The underwriters have an over-allotment a option to purchase up to an additional 750,000 units.
The SPAC intends to apply for a listing on the Nasdaq for units, stock, rights and warrants under BNIXU, BNIX, BNIXR and BNIXW. Read more.