Bannix Acquisition Corp.: debt financing — Bannix Acquisition Corp. extends deadline to May 14, 2023 with $75K sponsor note

Bannix Acquisition Corp.

Board approved one-month extension to May 14, 2023; sponsor Instant Fame LLC funds $75,000 note.
Extension note is unsecured, non-interest bearing, repayable upon business combination or liquidation.
Company may extend monthly up to 12 times until March 14, 2024, without further stockholder vote.
Issued $75,000 unsecured promissory note to sponsor on April 13, 2023, for the extension.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Bannix Acquisition Corp. incurred loan of $75,000 with Sponsor at no interest maturing upon the earlier of (a) the date of the consummation of Bannix’s initial business combination, or (b) the date of Bannix’s liquidation.

Instrument: loan
Principal: $75,000
Counterparty: Sponsor
Rate: no interest
Maturity: upon the earlier of (a) the date of the consummation of Bannix’s initial business combination, or (b) the date of Bannix’s liquidation
Event: incurrence

Exact text from the filing

On April 13, 2023, Bannix issued an unsecured promissory note to the Sponsor with a principal amount equal to $75,000 (the “Extension Note”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Bannix Acquisition Corp. entered into Extension Note with Instant Fame, LLC valued at $75,000 (effective 2023-04-13).

Action: entry
Counterparty: Instant Fame, LLC
Value: $75,000
Effective: 2023-04-13

Exact text from the filing

on April 13, 2023, Bannix issued an unsecured promissory note to the Sponsor with a principal amount equal to $75,000 (the “Extension Note”).

View on SEC.gov

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Source: SEC EDGAR

accession 0001731122-23-000658

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