Bannix Acquisition Corp. & GBT Technologies, Inc. Announce Execution Of Patent Purchase Agreement; Bannix To Acquire GBT's Apollo IP To Enhance Autonomous Vehicle Perception And Mapping; Purchase Price Of $42.5M To Be Paid In Shares Of Preferred Stock
Portfolio Pulse from Happy Mohamed
Bannix Acquisition Corp. (BNIX) and GBT Technologies Inc. (GTCH) have announced a Patent Purchase Agreement for BNIX to acquire GTCH's Apollo IP system for $42.5 million, payable in shares of BNIX's Preferred Stock. The Apollo IP system is a radio frequency-based computer vision technology that can enhance autonomous vehicle perception and mapping. The acquisition is expected to close in Q4 2023, but is subject to board and shareholder approval, regulatory approvals, and other conditions.
August 15, 2023 | 12:08 pm
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NEUTRAL IMPACT
GTCH is selling its Apollo IP system to BNIX for $42.5 million in shares. The deal is expected to close in Q4 2023.
The sale of the Apollo IP system could provide GTCH with a significant influx of capital, but it also means giving up a potentially valuable technology. The deal is still subject to various approvals and conditions.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
BNIX is acquiring the Apollo IP system from GTCH, which could enhance its autonomous vehicle technology. The deal is expected to close in Q4 2023.
The acquisition of the Apollo IP system could significantly enhance BNIX's autonomous vehicle technology, potentially giving it a competitive edge in the market. However, the deal is still subject to various approvals and conditions.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100