Bannix Acquisition, a blank check company targeting a B2B enterprise software business, raised $60 million by offering 6 million units at $10. The company offered 1 million more units than anticipated. It originally planned to offer 10 million units before lowering the proposed offering in July. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one warrant, exercisable at $11.50.
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, focusing on those with overall transaction values of at least $400 million.
Bannix Acquisition plans to list on the Nasdaq under the symbol BNIXU. I-Bankers Securities acted as sole bookrunner on the deal.
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