Bannix Acquisition priced its upsized IPO of 6 million units at $10 per unit, with each unit consisting of one share, one redeemable warrant and one right to receive 1/10th of a share upon completion of a business combination. Each warrant is redeemable for a share at $11.50.
Units begin trading today on the Nasdaq under BNIXU.
The SPAC initially registered to offer 6 million units, scaling back to 5 million in an amended registration in July, before bumping back up to the current offering.
The underwriters have the option to purchase up to 900,000 additional units to cover over-allotments, if any.
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. Read more.
