GBT Technologies Inc (GTCH)

[canthelpit]

GTCH BANNIX ASKED FOR LOAN WHY ? EVIE REFUSED TO LOAN OR PROCURE A LOAN EITHER TO OR FOR BANNIX ,,,, HMMMMMM MAYBE MR STEVE LAKE CAME TO REALITY AFTER OVER A YEAR THAT THE DEAL WAS BULL SHIT AND WOULD NEVER CONSUMATED,,,STEVE LAKE A YOUNG SMART ENTREPRENEUR,,, IF YOU LOOK UP WHEN THIS PROCESS ACTUALY STARTED IT WAS IN 2022 WHEN YOU LOOK AT FILINGS,, MAYBE NOVEMBER OFF HAND ,,, DONT HOLD ME TO IT,,,,

Section 7.1(b) of the Business Combination Agreement provides that Bannix may terminate the Business Combination Agreement and abandon the acquisition of EVIE Group by Bannix in the event EVIE Group or the EVIE Group Shareholder has failed to perform any condition or agreement on the part of EVIE Group or EVIE Group Shareholder set forth in the Business Combination Agreement. Specifically, Section 5.21 of the Business Combination Agreement requires that if requested in writing by Bannix, EVIE Group shall loan, or procure a loan to Bannix such additional sums as Bannix may reasonably require

On March 11, 2024, Bannix sent EVIE Group and the EVIE Group Shareholder a notice providing that the Business Combination Agreement has been terminated as a result of the failure of EVIE Group and the EVIE Group Shareholder to loan or procure a loan to Bannix as required pursuant to Section 5.21 of the Business Combination Agreement. An initial notice was sent by Bannix to EVIE Group and the EVIE Group Shareholder on January 12, 2024, and on February 22, 2024, which was subsequently withdrawn to resolve the failure of EVIE Group and the EVIE Group Shareholder to loan or procure a loan to Bannix.

The Company is not obligated to pay any penalties pursuant to the terms of the Business Combination Agreement as a result of the termination. The Sponsor Letter Agreement entered between Bannix, Instant Fame LLC and EVIE Group dated August 7, 2023 and the Transaction Support Agreement between Bannix and the EVIE Group Shareholder dated August 7, 2023 automatically terminated as a result of the termination of the Business Combination Agreement.