Bannix Acquisition said it received a letter from the Listing Qualifications Department of the Nasdaq advising the SPAC that it does not comply with a listing rule because it has not filed a 10-Q for the period ending March 31 and remains delinquent in filing an annual report for the fiscal year ended Dec. 31.
The SPAC has until June 24 to submit a plan to regain compliance. Bannix said it is working to complete and file the reports but did not provide assurance it would be able to do so by the de;listing deadline. The SPAC can submit a plan with the exchange on how it itends to regain compliance.
The SPAC in March announced a $30 million merger agreement with VisionWave Technologies, which would receive 3 million shares of Bannix stock. The target is a provider of cloud business management software.
The SPAC’s current completion deadline is Sept. 14. Read more.
