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Bannix Acquisition Corp. Receives Nasdaq Notification of Non-Compliance With Listing Rules

Retrieved on:

Friday, April 26, 2024

BNIX, Form, Calendar, Acquisition, Letter, Form 10-K

NASDAQ informed the Company that it has 60 days from the date of the letter to submit a plan to regain compliance with respect to this delinquent report.

Key Points:

NASDAQ informed the Company that it has 60 days from the date of the letter to submit a plan to regain compliance with respect to this delinquent report.
If the Company is unable to file the Form 10-K by June 24, 2024, it intends to file a plan to regain compliance with NASDAQ.
This notification has no immediate effect on the listing of the Company’s securities on NASDAQ.
There can be no assurance, however, that the Company will be able to file Form 10-K by June 24, 2024, regain compliance with the listing requirements discussed above or otherwise satisfy the other NASDAQ listing criteria.

Bannix Acquisition Corp. Receives NASDAQ Notification of Non-Compliance With Listing Rules

Retrieved on:

Thursday, August 24, 2023

Form, Calendar, Letter, Acquisition, Form 10-Q, BNIX, Cryptocurrency

NASDAQ informed the Company that it has 60 days from the date of the letter to submit a plan to regain compliance with respect to this delinquent report.

Key Points:

NASDAQ informed the Company that it has 60 days from the date of the letter to submit a plan to regain compliance with respect to this delinquent report.
If the Company is unable to file the Form 10-Q by October 22, 2023, it intends to file a plan to regain compliance with NASDAQ.
This notification has no immediate effect on the listing of the Company’s securities on NASDAQ.
There can be no assurance, however, that the Company will be able to file Form 10-Q by October 22, 2023, regain compliance with the listing requirements discussed above or otherwise satisfy the other NASDAQ listing criteria.

The AI Eye Podcast - GBT's CTO and Bannix CEO Discuss Autonomous Vehicles and $42.5 Million Apollo IP System Patent Purchase

Retrieved on:

Wednesday, August 23, 2023

Also discuss Apollo IP system implementation with Evie Autonomous

Key Points:

This deal will see Bannix acquire the Apollo IP system through GBT Technologies' 50 percent-owned GBT Tokenize Corp., for a $42.5 million purchase price.
According to the press release, the Apollo system will be implemented into Evie Autonomous, a U.K.-based autonomous vehicle technology company that Bannix acquired through a business combination announced earlier this year.
The purchase price for the Apollo system is $42.5 million, which will be paid in shares of BNIX Series A Preferred Stock.
"We were very glad to join with Evie Autonomous because our technology was tailored particularly for autonomous vehicles," he said.

GBT Technologies, Inc. & Bannix Acquisition Corp. Announce Execution of Patent Purchase Agreement

Retrieved on:

Tuesday, August 15, 2023

LOS ANGELES, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Bannix Acquisition Corp. (NASDAQ : BNIX) and GBT Technologies Inc. (OTC : GTCH), a leading developer of innovative wireless communication products and services through GBT Tokenize Corp. (“Tokenize”), which GTCH holds 50% of, today announced that they entered into a definitive Patent Purchase Agreement pursuant to BNIX acquiring the Apollo IP system for $42,500,000 payable in shares of Preferred Stock of BNIX.

Key Points:

This data is then processed by advanced artificial intelligence algorithms to create a 3D image of the surrounding area.
“We are excited to enter this agreement with Bannix through Tokenize,” said Mansour Khatib, CEO of GBT Technologies.
It is our goal to allow BNIX customers to develop safer, more reliable autonomous vehicles that can operate in any environment.”
“We are excited to announce our acquisition agreement with Tokenize.
Moreover, there is no guarantee that the BNIX, Evie Autonomous Group, GBT Technologies and/or Tokenize will be successful in researching, developing or implementing this system.

Bannix Acquisition Corp. & GBT Technologies, Inc. Announce Execution of Patent Purchase Agreement

Retrieved on:

Tuesday, August 15, 2023

LOS ANGELES, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Bannix Acquisition Corp. (NASDAQ : BNIX) and GBT Technologies Inc. (OTC : GTCH), a leading developer of innovative wireless communication products and services through GBT Tokenize Corp. (“Tokenize”), which GTCH holds 50% of, today announced that they entered into a definitive Patent Purchase Agreement pursuant to BNIX acquiring the Apollo IP system for $42,500,000 payable in shares of Preferred Stock of BNIX.

Key Points:

This data is then processed by advanced artificial intelligence algorithms to create a 3D image of the surrounding area.
“We are excited to enter this agreement with Bannix through Tokenize,” said Mansour Khatib, CEO of GBT Technologies.
It is our goal to allow BNIX customers to develop safer, more reliable autonomous vehicles that can operate in any environment.”
“We are excited to announce our acquisition agreement with Tokenize.
Moreover, there is no guarantee that the BNIX, Evie Autonomous Group, GBT Technologies and/or Tokenize will be successful in researching, developing or implementing this system.

Bannix Acquisition Corp. Announces Entering into a Business Combination Agreement with Evie Autonomous Group Ltd.

Retrieved on:

Friday, June 30, 2023

Female gendering of AI technologies, Partnership, WEST, BNIX, Bank statement, Agriculture, Airport, Heathrow Airport, A-35 anti-ballistic missile system, Acquisition, Robotics, Original equipment manufacturer, City, AI, Transport, Industrial, Safety, Medical device

WEST HOLLYWOOD, Calif., June 30, 2023 (GLOBE NEWSWIRE) -- Bannix Acquisition Corp. (NASDAQ: BNIX), a publicly traded special purpose acquisition company, is thrilled to announce that it has entered into a definitive agreement to acquire Evie Autonomous Group Ltd, a private company based in England and Wales. This business combination agreement marks a significant milestone for both companies and represents a major leap forward in the autonomous technology sector.

Key Points:

This business combination agreement marks a significant milestone for both companies and represents a major leap forward in the autonomous technology sector.
Under the terms of the agreement, Bannix will acquire all of the issued and outstanding shares of Evie Autonomous Group Ltd.
Both Bannix and Evie Autonomous Group Ltd are committed to working diligently together to meet these conditions and finalize the deal.
By combining their expertise and resources, Bannix and Evie Autonomous Group Ltd aim to drive innovation and deliver cutting-edge autonomous solutions to an existing market.

Bannix Acquisition Corp. Announces a Binding LOI to Complete a Business Combination with an Autonomous Vehicle Technology Company

Retrieved on:

Friday, April 21, 2023

Pods, BNIX, Airport, Heathrow Airport, USD, House, OEM, Safety, Shuttle, Transport, Food delivery

The entire business combination transaction consideration will be paid with securities of Bannix.

Key Points:

The entire business combination transaction consideration will be paid with securities of Bannix.
Evie Autonomous makes driverless platforms with the goal of transforming logistics, public service and mass transit.
The current Evie Pod is the world's most proven pod, having transported over 6.3 million people at London Heathrow Airport since 2010.
We are delighted to begin this journey to be listed on NASDAQ.”
Further EVIE Autonomous highlights include:

Bannix Acquisition Corp. Announces Clarifies Position on Excise Tax and Rational for Extension Periods

Retrieved on:

Monday, March 6, 2023

Excise, Inflation Reduction Act of 2022, Business analyst, Extension, Language, Proxy statement, Proxy, Business, Sponsor, Disclosure, Federal telephone excise tax, BNIX, Interest on Lawyer Trust Accounts, Accounting, Inflation, Insurance, Management

WEST HOLLYWOOD, Calif., March 06, 2023 (GLOBE NEWSWIRE) -- Bannix Acquisition Corp. (NASDAQ: BNIX) (the “Company”) today announced that it is further clarifying its and Instant Fame, LLC (the “Sponsor”) intent with respect to the excise tax liabilities associated with any redemptions.

Key Points:

WEST HOLLYWOOD, Calif., March 06, 2023 (GLOBE NEWSWIRE) -- Bannix Acquisition Corp. (NASDAQ: BNIX) (the “Company”) today announced that it is further clarifying its and Instant Fame, LLC (the “Sponsor”) intent with respect to the excise tax liabilities associated with any redemptions.
As such, the Company will not, under any circumstances, withdraw any amounts from the Trust Account, including interest earned on the Trust Account, to pay for the Excise Tax.
As previously stated, if the Extension is implemented, the Company plans to maintain the remaining amount in its trust account in an interest-bearing demand deposit account at a bank.
The Board will use its reasonable best efforts to take the initial steps in presenting a potential Business Combination within the next three (3) months.

Bannix Acquisition Corp. Announces That Trust Account Will Bear Interest and Will Not Be Decreased Due to Excise Tax

Retrieved on:

Thursday, March 2, 2023

Extension, Federal telephone excise tax, Uncertainty, Special, Business analyst, Excise, Accounting, BNIX, Interest on Lawyer Trust Accounts, Inflation Reduction Act of 2022, Inflation, Insurance

WEST HOLLYWOOD, Calif., March 02, 2023 (GLOBE NEWSWIRE) -- Bannix Acquisition Corp. (NASDAQ: BNIX) (the “Company”) today announced that to mitigate the current uncertainty surrounding the implementation of the Inflation Reduction Act of 2022, in the event that the extension (the “Extension”) of the time period the Company has to complete an initial business combination (the “Business Combination”) is implemented, as described in the Company’s definitive proxy statement (the “Proxy Statement”), Instant Fame, LLC (the “Sponsor”), the current sponsor of the Company, or a designee, will indemnify the Company against any excise tax liabilities with respect to any future redemption opportunities that are provided after the meeting date of the Special Meeting and prior to or in connection with a Business Combination or liquidation of the Company.

Key Points:

WEST HOLLYWOOD, Calif., March 02, 2023 (GLOBE NEWSWIRE) -- Bannix Acquisition Corp. (NASDAQ: BNIX) (the “Company”) today announced that to mitigate the current uncertainty surrounding the implementation of the Inflation Reduction Act of 2022, in the event that the extension (the “Extension”) of the time period the Company has to complete an initial business combination (the “Business Combination”) is implemented, as described in the Company’s definitive proxy statement (the “Proxy Statement”), Instant Fame, LLC (the “Sponsor”), the current sponsor of the Company, or a designee, will indemnify the Company against any excise tax liabilities with respect to any future redemption opportunities that are provided after the meeting date of the Special Meeting and prior to or in connection with a Business Combination or liquidation of the Company.
Additionally, if the Extension is implemented, the Company plans to maintain the remaining amount in its trust account (the “Trust Account”) in an interest-bearing demand deposit account at a bank.
As such, BNIX will not, under any circumstances, withdraw any amounts from the Trust Account, including interest earned on the Trust Account, to pay for the Excise Tax.

Bannix Acquisition Corp. Announces Extension of Time to Consummate Business Combination

Retrieved on:

Wednesday, December 14, 2022

Acquisition, Form 10-Q, BNIX, SPAC, Bank

WEST HOLLYWOOD, Calif., Dec. 14, 2022 (GLOBE NEWSWIRE) -- Bannix Acquisition Corp. (NASDAQ: BNIX) (the "Company" or "Bannix") today announced that its sponsor, Bannix Management LLP, has extended the deadline by which the Company must complete a business combination by three months, from December 14, 2022 to March 14, 2023.

Key Points:

WEST HOLLYWOOD, Calif., Dec. 14, 2022 (GLOBE NEWSWIRE) -- Bannix Acquisition Corp. (NASDAQ: BNIX) (the "Company" or "Bannix") today announced that its sponsor, Bannix Management LLP, has extended the deadline by which the Company must complete a business combination by three months, from December 14, 2022 to March 14, 2023.
In order to fund the $690,000 deposit required to allow for such extension, the Company has obtained a loan from Instant Fame, LLC evidenced by a non-interest-bearing promissory note that is payable upon the consummation of a business combination by the Company.
If the Company fails to consummate a business combination, the outstanding debt under the promissory note will be forgiven, except to the extent of any funds held outside of the Company's trust account after paying all other fees and expenses of the Company.
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.