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Bannix Acquisition Signs Binding LOI to Complete $500M Merger with EVIE Autonomous Automotive
APRIL 21, 2023
1 MINUTE READ

Bannix Acquisition said today that it entered into a binding letter of intent to execute a definitive merger agreement with EVIE Autonomous Automotive. The target is a U.K.-based autonomous vehicle technology company acquired from Aim Technologies Group by British automotive entrepreneur Steven Lake.

The entire business combination transaction consideration will be paid with $500 million in Bannix securities by issuing 50 million new shares, according to an 8-K filed today. No cash consideration will be paid.

Under the LOI, EVIE is required to make a series of working capital payments totaling about $1.1 million to the SPAC as the deal moves forward.

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.

Concurrently with the EVIE Autonomous acquisition, Bannix said it will also acquire additional intellectual property owned by GBT Technologies for $42.5 million, according to the 8-K. GBT filed a patent application in 2021 for a machine learning driven technology that controls radio wave transmissions, analyzes their reflections data, and constructs 2D/3D images of stationary and moving objects.

Bannix raised $69 million in a September 2021 IPO, although the trust is now down to about $30.5 million following extension votes. Read more.