Bannix Acquisition announced today that its board decided to extend the SPAC’s completion date to April 14. This folows last week’s announcement that Bannix terminated a merger agreement with EVIE Autonomous, a U.K.-based company acquired from Aim Technologies Group by British automotive entrepreneur Steven Lake.
Bannix can continue to extend its deadline as necessary up to Sept. 14, which would mark the three-year anniversary of its IPO.
The SPAC’s sponsor, Instant Fame, will deposit into the trust account, as a loan, the lesser of $25,000 or 5 cents a share for each month required.
Bannix said it called off the deal because EVIE had failed to provide a loan to the SPAC as required by the merger agreement. Read more.
