Bannix Acquisition today filed a proxy asking shareholders to approve a six-month extension to complete its deal with EVIE Autonomous. The target is a U.K.-based autonomous vehicle technology company acquired from Aim Technologies Group by British automotive entrepreneur Steven Lake.
Bannix seeks to push the deadline from March 14 to Sept, 14, which would mark the three-year anniversary of its ipo. If approved, the sponsor has agreed to deposit the lesser of the lesser of $25,000 or 5 cents a share into trust for each month required.
Evie Autonomous makes driverless platforms with the goal of transforming logistics, public service and mass transit. The current Evie Pod has transported over 6.3 million people at london Heathrow Airport since 2010.
Terms call for Bannix to acquire all the issued and outstanding shares of EVIE in exchange for the issuance of 85 million new shares of Class A stock.
Bannix raised $69 million in a September 2021 IPO, although the trust as of last June was down to about $30.5 million following extension votes. Read more.