Bannix Acquisition announced that its board extended the SPAC’s termination date to May 14 with the deposit of the lesser of $25,000 or 5 cents a share.
Bannix last month announced a merger agreement with VisionWave Technologies, which would receive $30 million in the SPAC’s stock. The target is a provider of cloud business management software.
The deal announcement last month came just two weeks after Bannix said it terminated a merger agreement with EVIE Autonomous, a U.K.-based company. Bannix said it called off the deal because EVIE had failed to provide a loan to the SPAC as required by the merger agreement.
Bannix can extend its deadline as necessary on a mothly basis up to Sept. 14, which would mark the three-year anniversary of its IPO.
The SPAC raised $69 million in a 2021 IPO, although redemptions since then have pulled the trust down to about $17 million. Read more.
