$GTCH just for clarity on this subject Bannix Acquisition Corp. (the "Company") entered into a binding letter of intent (the "Letter of Intent") with EVIE Autonomous Ltd. ("EVIE").
I did not read this as A Binding Letter of Intent for GBT Technologies since it was not designated as such legally?
On April 17, 2023, Bannix Acquisition Corp. (the "Company") entered into a binding letter of intent (the "Letter of Intent") with EVIE Autonomous Ltd. ("EVIE"), a company formed in England and Wales which has developed a universally controllable electric vehicle platform for first-mile and last mile deliver, people transportation, cargo transport and machine operations ("EVIE") pursuant to which the Company will acquire 100% of the outstanding equity interests of EVIE (the "Transaction").
BANNIX ACQUISITION CORP. : Entry into a Material Definitive Agreement, Other Events,
Item 1.01 Entry into a Material Definitive Agreement.
Consummation of the Transaction shall be subject to the execution of a mutually satisfactory definitive agreement by the Company and EVIE (the "Definitive Agreement").
Pursuant to the Letter of Intent, the parties have agreed to work exclusively with each other, and not to entertain other proposals and opportunities. EVIE and BNIX agree that during the period from the date of execution through the six month anniversary, EVIE will not enter any binding definitive agreement with any other potential new opportunity. For the avoidance of doubt, EVIE is not permitted to enter into any other alternative sale, or merger, or acquisition agreement with another potential suitor.
To enhance the EVIE Autonomous platform, concurrently with the acquisition of EVIE Autonomous, Bannix will acquire additional intellectual property (“Apollo”), owned by GBT Technologies, Inc. (“GBT”). GBT filed a patent application in 2021 under Publication Number 2022/0405966 with the US Patent and Trademark Office.
GBT Technologies Inc. is also a party to the Letter of Intent pursuant to which the Company agreed to acquire the Apollo System which is intellectual property covered by patent application (publication number 2022/0405966) filed with the US Patent and Trademark Office.
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