On January 5, 2022, Dr. Hossein Eslambolchi, a director of Bannix Acquisition Corp. informed the Board of Directors of the Registrant that he was resigning his position as director for personal reasons effective January 7, 2022. Dr. Eslambolchi's resignation was not due to any dispute with the Registrant.

On January 5, 2022, the independent directors of the Registrant nominated Balaji Venugopal Bhat to fill the vacancy created by the resignation of Dr. Eslambolchi. His term will begin on January 7, 2022. Mr. Bhat is expected to be appointed to the Audit, Compensation and Corporate Governance Committees of the Board of Directors.

He will be appointed as Chairman of the Compensation Committee. Mr. Bhat is a qualified Chartered Accountant and will qualify as an independent director and an audit committee financial expert.