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Saturday, June 10, 2023 12:30:44 PM
by Nicholas Alan Clayton on 2023-04-21 at 9:47am
Bannix Acquisition Corp. (NASDAQ:BNIX) announced this morning that it has entered into a binding letter of intent to combine with autonomous vehicle company EVIE at a proposed enterprise value of $542.5 million.
Staffordshire, UK-based EVIE’s pod-shaped autonomous vehicles have transported about 6.3 million people at London’s Heathrow Airport and logged about 5.5 million kilometers (3.4 million miles) in commercial service
EVIE is required to pay Bannix £130,000 ($161,245) in a promissory note on April 19 and a further £70,000 ($86,820) on May 12. If the parties get a DA signed, then EVIE is to provide notes for £150,000 ($186,115) on July 30 and up to £400,000 ($496,300) more to meet other working capital requirements
Bannix currently has about $30.5 million in its trust. If it were to face no further redemptions, these shares combined with the sponsor’s 2,524,000 promote shares would represent a 9.2% stake in the combined company under the proposed LOI structure.
EVIE shareholders would meanwhile be issued 50,000,000 shares as consideration, and its acquisition target GTCH(Apollo)would receive 4,250,000 shares for stakes of 83.7% and 7.1%, respectively.
Recent GTCH News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/20/2024 08:06:02 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 05/14/2024 08:10:05 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/19/2023 09:32:06 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/20/2023 09:16:00 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 11/15/2023 09:07:06 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/07/2023 09:07:18 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/06/2023 09:06:41 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/17/2023 08:06:01 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/28/2023 10:04:19 AM
- Form DEF 14C - Other definitive information statements • Edgar (US Regulatory) • 08/23/2023 10:01:08 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/21/2023 12:00:57 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/17/2023 10:15:52 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/16/2023 11:19:14 AM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 08/15/2023 08:05:43 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/11/2023 08:05:52 PM
- Form PRE 14C - Other preliminary information statements • Edgar (US Regulatory) • 07/28/2023 08:05:37 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/21/2023 08:05:43 PM
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