Bannix Acquisition Corp.
BNIX · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC, listed on Nasdaq in September 2021.
- What it's doing now
- It agreed in February 2025 to buy VisionWave Technologies, Inc., a Technology company company. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- VisionWave Technologies, Inc.
- Industry
- Technology company (Nevada corporation)
- Deal value
- not stated in the filings we hold
- announced 27 February 2025
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 13 September 2021
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 300 TICE BLVD, WOODCLIFF LAKE, NJ, 07677
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Marshak Craig (Director) · Shuss Eric Todd (Director) · KHURSHID JAMAL (Director)
- Listed securities
- BNIX common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
At the 8 March 2024 event.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
6 dated milestonesEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 27 February 2025Deal announcedpassed
Combination with VisionWave Technologies, Inc.
Show the earlier 3 milestones
- 13 September 2021IPOpassed
IPO size not on file
redemption rate not stated in the filing
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- VisionWave Technologies, Inc.— · announced 27 February 2025closedTechnologySEC primary
Who has already taken their money back
1 filed eventEach time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.
Worst single event
—
no filing states a pre-event share count
Shares redeemed, all events
1.38M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Mar 8, 2024Extensionno rate stated
The score
deterministic, from filed fieldsBNIX is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Bannix Acquisition Corp. (ticker BNIX) was a blank-check company whose common stock was listed on the Nasdaq Stock Market. The company priced its initial public offering on September 13, 2021, under SEC file number 333-253324, with shares sold for cash as described in the 424B4 prospectus filed under accession 0001575705-21-000635. The registrant was assigned SEC CIK 0001845942 and SIC industry code 7372. Bannix Acquisition Corp. completed a business combination and no longer files as a separate entity; the closing was established by an 8-K filed on July 15, 2025 (accession 0001731122-25-000977) in which the successor registrant, VisionWave Holdings, Inc. (ticker VWAV, CIK 0002038439), reported the completion of the acquisition under Item 2.01.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
This is a holding-company reorganisation in which the SPAC becomes a subsidiary of its own former subsidiary, and the security-by-security treatment is spelled out: everything rolls over one-for-one into an equivalent VisionWave security except the rights, which are converted into shares at the effective time rather than surviving as rights. The registered lines quantify that — 14,354,266 shares, 7,306,000 warrants, and 730,600 shares from the rights conversion, the last implying a ten-to-one rights ratio. Warrants outstanding after closing therefore remain an overhang while the rights do not.
The registered amounts here match the later amendment exactly — 14,354,266 shares, 7,306,000 warrants and 730,600 rights-conversion shares — so the dilution ceiling was already fixed at this stage. The 730,600 figure against 7,306,000 warrants indicates rights converting at one tenth of a share. No vote date appears in this portion.
The registered lines are 14,354,266 shares, 7,306,000 warrants and 730,600 rights-conversion shares — the last figure being one tenth of the warrant count, consistent with rights converting at one tenth of a share. Those three caps together are the dilution ceiling. The structure makes Bannix a subsidiary of VisionWave rather than the surviving parent. No vote date appears in this portion.
The registered common-stock figure in this version is 14,579,348 shares, while the warrant and rights lines are 7,306,000 and 730,600. The share figure is version-specific and moves between amendments of this registration statement, so it should be quoted against this filing rather than treated as the deal's fixed size. No vote date appears in this portion.
A SPAC 42 months past its IPO is far beyond the normal 18-to-24 month life, and the extension deposit is capped at the lesser of $25,000 or $0.05 per share — so the per-share trust barely moves while the sponsor buys three more months. The consideration also grew from 3,000,000 Bannix shares to 11,000,000 VisionWave shares, meaning public holders who stay are diluted several times over versus the original terms. Redemption preserves the trust value.
A total consideration of 3,000,000 shares for an entire company is small enough that the deal's value depends almost entirely on where Bannix stock trades at closing. Granting the board six further monthly extensions without a shareholder vote removes the periodic redemption decision that protects public holders, in exchange for deposits capped at $25,000 - nominal accretion. Redemption at this meeting is the last guaranteed opportunity before that discretion begins.
Show 2 more material filings
Issuing 85,000,000 new shares for Evie means the sellers take control outright and existing public holders are reduced to a negligible slice, so the economic decision at this meeting is whether to redeem for trust value rather than whether to approve. The trust amendment removes shareholders from the extension process entirely for the next six months, and the $25,000 monthly cap makes those extensions nearly free for the sponsor. The NTA amendment clears away the $5,000,001 floor that would otherwise limit how much of the trust can be redeemed away.
The agreement sets the consideration at $850 million for a company the filing itself describes as pre-revenue. The 85,000,000 shares would be roughly 89.7% of Bannix's outstanding common stock after closing — a single figure the document says applies to the no-redemption and maximum-redemption cases 'respectively', so only one scenario is actually stated. A separate Patent Purchase Agreement pays GBT Tokenize Corp. 5% of that consideration, $42.5 million, in 42,500 Series A preferred shares of $1,000 stated value convertible at a 5% discount to the 20-day VWAP.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
Show the other 10 filings
- What changed vs 2024-11-14trust $3.7M → $1.1M -69%deadline 2025-09-14 → 2025-06-14
trust account, combination deadline, going-concern doubt +12 moved · 2 with no prior record of ours
- Trust account
- $3.7M$1.1M
- Combination deadline
- 2025-09-142025-06-14
- Going-concern doubt
- stated · unchanged
- Redeemable shares
- 325Knot matched in this filing
SpacBrain reads this as $2,515,958 left the trust between the two filings.
The clause “4 Prepaid expense and other 3,930 3,930 Total Current Assets 23,119 13,684 Cash held in Trust Account 1,147,694 3,749,377 Total Assets $ 1,170,813 $ 3,763,061 Liabilities, Redeemable Common Stock and Stockholders’ Deficit Current”…
SpacBrain reads this as 92 days earlier than the previous record.
The clause …“other fees and expenses of the Company. If we have not completed our initial business combination by June 14, 2025, as extended, we will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably”…
The clause …“a Business Combination not occur, and potential subsequent dissolution raise substantial doubt about our ability to continue as a going concern. As a cure for the Company’s going concern assessment, the Company has entered into a”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Bannix Acquisition Corp. (Delaware) filed Amendment No. 4 to its Form S-4; the preliminary document inside is dated April 18, 2025 and is the proxy statement of VisionWave Holdings, Inc. No explanatory note names the change. It registers 14,354,266 shares of common stock, 7,306,000 warrants to purchase 7,306,000 shares, and 730,600 shares of common stock issuable upon conversion of rights — all of VisionWave Holdings, Inc. The operative Merger Agreement and Plan of Reorganization is dated September 6, 2024. Why it matters: This is a holding-company reorganisation in which the SPAC becomes a subsidiary of its own former subsidiary, and the security-by-security treatment is spelled out: everything rolls over one-for-one into an equivalent VisionWave security except the rights, which are converted into shares at the effective time rather than surviving as rights. The registered lines quantify that — 14,354,266 shares, 7,306,000 warrants, and 730,600 shares from the rights conversion, the last implying a ten-to-one rights ratio. Warrants outstanding after closing therefore remain an overhang while the rights do not.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
No sponsor entity is named in the filings parsed for this SPAC so far.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1284 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
Unit: U = S + W · 100.0% of the $10 unit
from 424B3 0001731122-25-000700
Trading & liquidity
Company profile
Directors & officers
- Marshak CraigDirector
- Shuss Eric ToddDirector
- KHURSHID JAMALDirector
- SIEGEL NED LDirector
- Davis Douglas LandersChief Executive Officer
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
8 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- MIZUHO FINANCIAL GROUP INC6.7% · SC 13GFeb 14, 2022 stale
- INSTANT FAME LLC5.7% · SC 13DNov 9, 2022 stale
- PERISCOPE CAPITAL INC.4.6% · SC 13G/AFeb 13, 2023 stale
- Feis Lawrence Michaelwith 1 other reporting person on the same schedule4.2% · SC 13GNov 9, 2021 stale
- FIR TREE CAPITAL MANAGEMENT LP0.0% · SC 13G/ANov 14, 2024 stale
- Karpus Management, Inc.0.0% · SC 13G/AOct 7, 2024 stale
- Saba Capital Management, L.P.with 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 7, 2024 stale
- Space Summit Capital LLCnot stated · SC 13G/AFeb 3, 2022 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
38 full SEC filing texts archived — searchable, never lost.
- Vault note — BNIX (Bannix Acquisition Corp.)
vault-note · /vault/tickers/BNIX
- Vault deal note — VisionWave Technologies, Inc. (BNIX)
vault-note · /vault/deals/visionwave-technologies-inc
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail4 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 7372 (Services-Prepackaged Software). The screen found it by filing SHAPE instead — S-1 2021-02-19 → 8-A12B 2021-09-09 → 424B4 2021-09-13 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 7372 + self-described blank check in 424B4 0001575705-21-000635; 424B 0001575705-21-000635 priced 2021-09-13 under S-1 0001575705-21-000072 (file 333-253324, an offering for cash); common ticker BNIX off 10-Q 0001575705-21-000719 (2021-10-20); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-253324, which belongs to S-1 0001575705-21-000072 (2021-02-19) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2021-09-13). Ending PROVEN, not inferred: CLOSED per 8-K 0001731122-25-000977 (2025-07-15) — the successor registrant VisionWave Holdings, Inc. (VWAV) (CIK 0002038439) filed an 8-K carrying item 2.01 (Completion of Acquisition) naming "Bannix Acquisition Corp." — the SPAC merged into a new registrant and so filed no closing report of its own. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
AI-extracted target (z-ai/glm-5.2, conf 0.95)
target recovered for a completed de-SPAC
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read