Bannix Acquisition Terminates $85M Evie Autonomous Deal

Bannix Acquisition in an 8-K said it terminated a merger agreement with EVIE Autonomous Group. Terms had called for EVIE to receive $85 million in stock.

The SPAC said it called off the deal because EVIE Group had failed to provide a loan to the SPAC as required by the merger agreement.

EVIE is a U.K.-based autonomous vehicle technology company acquired from Aim Technologies Group by British entrepreneur Steven Lake.

Bannix said it is not obligated to pay any penalties as a result of the termination. 

The SPAC has filed a proxy seeking to push its completion deadline from March 14 to Sept.14, which would mark the three-year anniversary of its . Read more

Source: Bannix Acquisition Terminates M Evie Autonomous Deal