Bannix Acquisition Corp. is a SPAC — a publicly traded blank check company with no operations. Bannix raised $69.7M in its September 2021 IPO, with proceeds held in a trust account, for the sole purpose of merging with a private company and taking it public. Bannix has focused its search on businesses in customer engagement, telecommunications, retail, and financial services, though it is not restricted to those areas. Bannix has a pending merger with VisionWave Technologies, a Nevada company, under a September 2024 agreement that would result in both companies becoming subsidiaries of a new holding company, VisionWave Holdings. The deal was expected to close in Q1 2025, subject to shareholder approval. Bannix generates no revenue; the SPAC model works by placing IPO proceeds in a trust, giving sponsors "founder shares" at minimal cost that only have value if a deal closes, and allowing public shareholders to redeem shares for their pro rata share of the trust if they don't want to participate in the combined company. The trust account has declined from $69.7M at IPO to roughly $3.7M as of December 2024, due to repeated shareholder redemptions during extension votes. Bannix terminated an earlier deal with Evie Autonomous Group in March 2024 after Evie failed to fund a required loan, and has since been pursuing the VisionWave transaction. Bannix has received Nasdaq delisting notices for failing to complete a deal within 36 months of IPO and for falling below minimum market value thresholds.