Bannix Acquisition intends to extend its merger deadline by three months, from Dec. 14 to March 14, 2023.
In order to fund the $690,000 deposit required for the extension, the SPAC will obtain a loan from Instant Fame.
Nevada-based Instant Fame in October acquired 385,000 shares of common stock of Bannix 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 SPAC for working capital. This loan will be forfeited by the sellers upon liquidation or a business combination, according to a regulatory filing. The transaction also resulted in new leadership of the SPAC. Read more.
