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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
August 22, 2023
Date of Report (Date of earliest event
reported)
Bannix Acquisition Corp.
(Exact Name of Registrant as Specified
in its Charter)
Delaware |
|
1-40790 |
|
86-1626016 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
8265 West Sunset Blvd., Suite # 107
West Hollywood, CA |
|
90046 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s telephone number,
including area code: (323) 682-8949
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
Securities registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol |
|
Name
of each exchange on which registered |
Common Stock,
par value $0.01 per share |
|
BNIX |
|
The
Nasdaq Stock Market LLC |
Redeemable Warrants,
each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 |
|
BNIXW |
|
The
Nasdaq Stock Market LLC |
One Right to
receive 1/10th of one share of Common Stock |
|
BNIXR |
|
The
Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the
Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 3.01 Notice of Delisting or
Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On August 22, 2023, Bannix Acquisition
Corp., a Delaware corporation (the “Company”) received a notice (the “Notice”) from The Nasdaq Stock Market
LLC (“Nasdaq”) stating that because the Company has not yet filed its Form 10-Q for the quarter ended June 30, 2023,
the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all
required periodic financial reports with the Securities and Exchange Commission (the “SEC”).
This notification has no immediate effect
on the listing of the Company’s shares on Nasdaq. However, if the Company fails to timely regain compliance with the Nasdaq
Listing Rule, the Company’s common stock will be subject to delisting from Nasdaq. Under Nasdaq rules, the Company has 60
calendar days to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule. If Nasdaq accepts the Company’s
plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for filing the Form 10-K to regain compliance.
If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq
Hearings Panel.
The Company is working diligently and
expects to file the Form 10-Q within the 60-day period described above, which would eliminate the need for the Company to submit
a formal plan to regain compliance.
Item 7.01. Regulation FD Disclosure.
On August 24, 2023, the Company issued
a press release announcing its receipt of the Notice. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated
herein by reference.
Item 9.01 Financial Statements and
Exhibits.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Dated: August 24, 2023 |
|
|
|
BANNIX ACQUISITION CORP. |
|
|
|
By: |
/s/ Douglas Davis |
|
Name: |
Douglas Davis |
|
Title: |
Chief Executive Officer |
|
EXHIBIT 99.1
BANNIX ACQUISITION CORP. RECEIVES
NASDAQ NOTIFICATION OF
NON-COMPLIANCE WITH LISTING RULES
West Hollywood, California, August 24, 2023 — Bannix
Acquisition Corp. (NASDAQ: BNIX) (“Bannix” or the “Company”), a blank check company formed for the
purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination
with one or more businesses, announced that on August 22, 2023, it received a letter from the Listing Qualifications Department
of the Nasdaq Stock Market (“NASDAQ”) advising the Company that the Company did not comply with NASDAQ’s Listing
Rule 5250(c)(1) for continued listing because NASDAQ had not received the Company’s Quarterly Report on Form 10-Q for the
period ended June 30, 2023 (the “Form 10-Q”).
NASDAQ informed the Company that it has 60 days from the
date of the letter to submit a plan to regain compliance with respect to this delinquent report. If NASDAQ approves the Company’s
plan, it has the discretion to grant the Company an extension of up to 180 calendar days from the due date of the Form 10-Q, or
until February 12, 2024, to regain compliance.
The Company is working diligently to complete the Form 10-Q.
If the Company is unable to file the Form 10-Q by October 22, 2023, it intends to file a plan to regain compliance with NASDAQ.
This notification has no immediate effect on the listing of the Company’s securities on NASDAQ. There can be no assurance,
however, that the Company will be able to file Form 10-Q by October 22, 2023, regain compliance with the listing requirements discussed
above or otherwise satisfy the other NASDAQ listing criteria.
About Bannix Acquisition Corp.
Bannix Acquisition Corp. is a blank check company formed
for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination
with one or more businesses.
Forward Looking Statements
This press release contains statements that constitute “forward-looking
statements,” including with respect to, among others, statements about the Company’s plans to file its Form 10-Q and
amend prior SEC filings, including the restatement of certain consolidated financial statements included therein. We have based
these forward-looking statements on our current expectations and projections about future events. These forward-looking statements
are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity,
performance or achievements to be materially different from any future results, levels of activity, performance or achievements
expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology
such as “is working,” “may,” “should,” “could,” “would,” “expect,”
“plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative
of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited
to, those described in our SEC filings. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company
undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required
by law.
Company Contact:
Douglas Davis
Chief Executive Officer
(323) 682-8949
v3.23.2
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