Bannix Acquisition (BNIX) terminates Patent Purchase Agreement after EVIE deal collapse; continues Tokenize asset talks

Bannix Acquisition Corp.

On March 19, 2024, Bannix and GBT Tokenize Corp. terminated the Patent Purchase Agreement following the termination of the EVIE Business Combination Agreement on March 11, 2024.
Tokenize is 50% owned by GBT Technologies Corp.; Bannix and Tokenize are discussing a potential acquisition of certain Tokenize assets.
There is no guarantee of a definitive agreement; any future deal would require regulatory and shareholder approvals.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Bannix Acquisition Corp. terminated Patent Purchase Agreement with GBT Tokenize Corp. valued at Termination of PPA due to termination of Business Combination Agreement (effective 2024-03-19).

Action: termination
Agreement: asset purchase
Counterparty: GBT Tokenize Corp.
Value: Termination of PPA due to termination of Business Combination Agreement
Effective: 2024-03-19

Exact text from the filing

On March 11, 2024, Bannix sent EVIE and the shareholder of EVIE a notice providing that the Business Combination Agreement has been terminated (“BNIX EVIE Termination Letter”) As the PPA was contingent upon Bannix closing the acquisition of EVIE and due to the BNIX EVIE Termination Letter, on March 19, 2024 Bannix and Tokenize agreed to terminate the PPA which was consented to by GBT.

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Source: SEC EDGAR

accession 0001731122-24-000476

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