Bannix Acquisition Corp. Announces Monthly Extension To Complete Its Initial Business Combination To December 14, 2023
Portfolio Pulse from Benzinga Newsdesk
Bannix Acquisition Corp. (BNIX) has extended the deadline to complete its initial business combination from November 14, 2023, to December 14, 2023. This extension is part of the rights granted to Bannix to extend the deadline up to 12 times, each by one month, until March 14, 2024. The extension was approved by stockholders and the Amended Charter was filed with the State of Delaware. If an extension is used, the sponsor, Instant Fame LLC, will deposit up to $75,000 or $0.07 per non-redeemed share into the trust account.
November 16, 2023 | 1:19 pm
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Bannix Acquisition Corp. has extended its deadline for an initial business combination to December 14, 2023, which may affect investor sentiment and the timeline for potential business activities.
The extension of the deadline for the initial business combination is a procedural event that provides Bannix with more time to secure a deal. While this may indicate ongoing negotiations or difficulties in finalizing a combination, it does not necessarily reflect negatively on the company's prospects. The impact on the stock price is likely to be neutral in the short term, as the market has already anticipated the possibility of such extensions.
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