Mon, Jun 24, 12:02 PM (75 days ago)
Bannix Acquisition Corp. reported a net loss of $28,219 for Q1 2024, mainly due to operating costs of $420,052 and a $8,120 loss from the change in fair value of warrant liabilities, partially offset by $366,203 in interest income from the trust account and a $33,750 gain on forgiven payables. The company had $362,181 in cash and a working capital deficit of $3,991,629 as of March 31, 2024. Significant redemptions have reduced the trust account balance, leading to an excise tax liability of $562,116. The company terminated its proposed business combination with Evie Group and entered into a new agreement with VisionWave Technologies, subject to customary closing conditions. The company faces liquidity challenges and substantial doubt about its ability to continue as a going concern beyond the extended deadline of September 14, 2024. Management is implementing changes to remediate identified material weaknesses in internal controls over financial reporting.