In a significant corporate update, Bannix Acquisition Corp. (NASDAQ:BNIX), a prepackaged software services company, has announced amendments to its corporate structure and agreements following a special meeting of stockholders.
On Monday, the company's stockholders approved an extension amendment to its Amended and Restated Certificate of Incorporation. This amendment extends the deadline for the company to complete a business combination from September 14, 2024, to March 14, 2025. The extension allows for up to six additional one-month extensions, subject to board approval and sponsor request.
Concurrent with the extension, stockholders also voted in favor of a Trust Amendment with Continental Stock Transfer & Trust Company. This amendment modifies the terms of the Investment Management Trust Agreement, which governs the management of funds held in trust for the completion of a business combination.
Furthermore, the special meeting led to the redemption of approximately 1.23 million shares of common stock. As a result, around $13.77 million will be withdrawn from the company's trust account to pay the redeeming shareholders, leaving approximately 2.85 million shares of common stock outstanding.
The decisions made at the special meeting reflect the company's strategic efforts to secure more time to identify and finalize a suitable business combination. The stockholders' approval of both the extension amendment and the trust amendment signifies their support for the company's direction and management's plans.
The company's share price and warrant exercise terms remain unchanged, with common stock (BNIX), redeemable warrants (BNIXW), and rights (BNIXR) continuing to trade on The Nasdaq Stock Market LLC.
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