Bannix Acquisition said it was notified by the Nasdaq of non-compliance with a listing rule for failure to filey a timely annual report for the year ended Dec. 31.
The SPAC has 60 60 days to submit either the 10-K or a plan to regain compliance. If Bannix submits a plan, Nasdaq may then grant another 180 days for the company to file its report.
The SPAC said it is working to complete the report by June 24 or file a plan for doing so.
Bannix last month announced a $30 million merger agreement with VisionWave Technologies, which would receive 3 million shares of the SPAC’s stock. The target is a provider of cloud business management software. Read more.
