Bannix Acquisition said its board has extended the SPaC's merger deadline to April 14 and deposited $75,000 (or 7 cents a share) into trust. The SPAC can extend the deadline in monthly increments up to March 2024.
The company's board said last week it is working to put a proposed business combination before a shareholder vote within the next nine months and to present a potential deal within the next three months.
Bannix raised $69 million in a September 2021 IPO to focus on B2B software companies engaged in the telecom, financial services or retail sectors. The SPAC sold its sponsor shares to Instant Fame in October. Read more.