Bannix Acquisition in an 8-K said it terminated a merger agreement with EVIE Autonomous Group. Terms had called for EVIE to receive $85 million in stock.
The SPAC said it called off the deal because EVIE Group had failed to provide a loan to the SPAC as required by the merger agreement.
EVIE is a U.K.-based autonomous vehicle technology company acquired from Aim Technologies Group by British automotive entrepreneur Steven Lake.
Bannix said it is not obligated to pay any penalties as a result of the termination.
The SPAC has filed a proxy seeking to push its completion deadline from March 14 to Sept.14, which would mark the three-year anniversary of its IPO. Read more.
