Nevada-based Instant Fame LLC acquired 385,000 shares of common stock of Bannix Acquisition from the SPAC’s sponsor, Balaji Venugopal Bhat, Nicholos Hellyer, Subbanarasimhaiah Arun, Vishant Vora and Suresh Yezhuvath, as well as 90,000 private placement units from Suresh Yezhuvath in a private transaction.
The sellers immediately loaned the entire proceeds to the company for working capital. This loan will be forfeited by the sellers upon liquidation or business combination, according to a regulatory filing. The transaction also resulted in new leadership of the SPAC.
Bannix raised $69 million in a September 2021 IPO to focus on B2B software companies engaged in the telecom, financial services or retail sectors. Read more.
