GBT Technologies unit sells Apollo IP to Bannix for $42.5M in preferred stock

GBT Technologies Inc.

Bannix Acquisition Corp. (BNIX) to acquire Apollo IP system, consisting of 4 granted and 1 pending patents, for $42.5M in BNIX Series A Preferred Stock.
GBT Technologies (GTCH) holds 50% interest in GBT Tokenize Corp., the seller; proceeds and impact on GTCH are not detailed.
Closing expected in Q4 2023, subject to board and shareholder approvals of both companies and regulatory conditions.
Apollo IP is a radio frequency-based computer vision technology for autonomous vehicles, offering superior perception in all conditions.
The PPA is contingent on closing of Bannix's acquisition of EVIE Autonomous Group Ltd.; minimum consideration floor of $30M.

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