Bannix Acquisition Corp. announced private placement of unsecured promissory note for gross proceeds of $75,000 on March 13, 2023. The transaction included participation from existing lender, Instant Fame LLC.

The extension note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of company's initial business combination, or (b) the date of company's liquidation. If Bannix does not consummate an initial business combination by the deadline date, the notes will be repaid only from funds held outside of the trust account or will be forfeited, eliminated or otherwise forgiven.