Bannix Acquisition Corp. (BNIX) Merger with VisionWave Technologies (Private)

• Bannix Acquisition Corp. (BNIX) to acquire VisionWave (Private) in a transaction valuing the pro forma entity at *$53.7 million in Enterprise Value (*$70.8 million of equity value assuming no further redemptions).
• VisionWave shareholders will receive equity consideration of 3.00 million shares.
• No minimum cash condition.
• No termination fees.

• SPAC Details:
  • Unit Structure: 1 share of Common Stock + 1 Redeemable Warrant + 1 Right
  • #Cash in Trust: *$17,144,640 (~*110% of Public Offering; including 1 month extension payment of $25,000)
  • Public Shares Outstanding: 1,557,747 shares
  • Private Shares Outstanding: 2,524,000 shares (including 393,000 Representative shares & 406,000 shares underlying Private Warrants)
  • Estimated Trust Value/Share: *$11.0 per share
  • Current Liquidation Date: April 14, 2024
  • Outside Liquidation Date: September 14, 2024

• Name of Target: VisionWave Technologies
• Description of Target: VisionWave technologies is a provider of cloud business management software
• Announced Date: March 27, 2024
• Expected Close: Not provided
• Press Release: https://www.globenewswire.com/news-release/2024/03/28/2854005/0/en/Bannix-and-GBT-Partner-to-Bring-Revolutionary-Imaging-Tech-VisionWave-to-Market.html
• Transaction Terms (N/A):
  • Transaction share price: *$10.0 per share
  • Pro Forma Equity Value: *$70.8 million

• Pro Forma Enterprise Value: *$53.7 million

• Target Shareholders Receive (~*42.3%):
  • 3.00 million shares of common stock of Bannix

• PIPE / Financing:
  • Nil

• Redemption Protections:
  • No Redemption Protections

• Support Agreement:
  • Standard voting support

• Lock-up:
  • SPAC Sponsor: 1-year post-closing
    • Early release: If the price equals or exceeds $12.0 per share after 150 days post-closing
  • Key Target Shareholders: Not provided

• Closing Conditions:
  • Termination date: September 14, 2024
  • No minimum cash condition
  • Other customary closing conditions

• Termination:
  • No termination fee
  • Other standard termination clause

• Advisors:
  • SPAC US Legal Advisor: Fleming PLLC

• Financials (N/A):
  • No financials or projections provided

• Comparables (N/A):
  • No valuations provided

• Equity Incentive Plan
  • No information provided

*Denotes estimated figures by CPC

#Estimated as on March 18, 2024 (Funding of extension payment)