Bannix Acquisition Corp. Announces Monthly Extension to Complete its Initial Business Combination

Rhea-AI Summary

Bannix Acquisition Corp (BNIX) has announced a one-month extension to complete its initial business combination, moving the deadline from April 14, 2025 to May 14, 2025. This decision follows stockholder approval received on March 7, 2025, which amended the company's Certificate of Incorporation to allow up to three one-month extensions until June 14, 2025.

As part of this twenty-sixth extension, the company's sponsor, Instant Fame , will deposit into the trust account a loan amount equal to the lesser of $25,000 or $0.05 per non-redeemed share. This extension was implemented following the board's approval on April 11, 2025, at the sponsor's request.

WILMINGTON, Del., April 14, 2025 (GLOBE NEWSWIRE) -- Bannix Acquisition Corp. (“Bannix”) announced today that its board of directors (the “Board”) has decided to extend the date by which Bannix must consummate an initial business combination (the “Deadline Date”) from April 14, 2025 for an additional month, to May 14, 2025.

As previously disclosed, at a special meeting of its stockholders held on March 7, 2025, Bannix’ stockholders voted in favor of a proposal to amend Bannix’s Amended and Restated Certificate of Incorporation (as amended, the “Amended Charter”) to provide Bannix with the right to extend the Deadline Date up to three times for an additional one month each time (the “Extension”) until June 14, 2025.

Also as previously announced, if an Extension is implemented, the sponsor of Bannix, Instant Fame LLC (the “Sponsor”), or its designees will deposit into the trust account, as a loan, the lesser of (x) $25,000 and (y) $0.05 for each share that is not redeemed in connection with the special meeting.
  
On April 11, 2025, the Board, at the request of the Sponsor, decided to implement the twenty-sixth Extension and to extend the Deadline Date for an additional month to May 14, 2025.

About Bannix Acquisition Corp.

Bannix Acquisition Corp. is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.

Forward-Looking Statements
This press release and oral statements made from time to time by representatives of the Company may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to the Company or its management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact :
Bannix Acquisition Corp
Douglas Davis, CEO
doug.davis@bannixacquisition.com

FAQ

What is the new deadline for Bannix (BNIX) to complete its business combination?

The new deadline for Bannix to complete its business combination is May 14, 2025, extended from April 14, 2025.

How much will Instant Fame deposit for BNIX's April 2025 extension?

Instant Fame will deposit the lesser of $25,000 or $0.05 per non-redeemed share as a loan into the trust account.

How many extensions can BNIX still implement after April 2025?

Based on the amended charter, Bannix can implement up to two more monthly extensions until June 14, 2025.

When did BNIX shareholders approve the extension amendments?

Bannix shareholders approved the extension amendments at a special meeting held on March 7, 2025.

Which extension number is the April 2025 extension for BNIX?

This is Bannix's twenty-sixth extension of the deadline date.