Bannix Acquisition, a blank check company targeting a B2B enterprise software business, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
The Woodcliff Lake, NJ-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Plum Acquisition I would command a market value of $128 million.
The company is led by Pelatro (LSE: PTRO) CEO, Chairman and CEO Subash Menon, along with Pelatro finance director, CFO Nicholos Hellyer. The company intends to target B2B enterprise software companies, particularly those operating in the customer engagement space within the telecommunications, retail and financial services industries in North America and Western Europe.
Bannix Acquisition was founded in 2021 and plans to list on the Nasdaq. It has not selected a symbol yet (RC ticker: BANXU.RC). I-Bankers Securities is the sole bookrunner on the deal.
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