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Completed · 14 Jul 2025BNIXU · NasdaqCIK 1845942Sponsor at IPO: Subash Menon and Sudeesh Yezhuvath (through Bannix Management LLP), Suresh Yezhuvath and Seema Rao

Bannix Acquisition Corp.

$69.7MTrust raised at IPO · 0% of public shares left after its last counted vote

Merged with VisionWave Holdings, Inc. (VWAV) · Technology and telecoms

  1. IPO10 Sept 2021
  2. Searching15 months
  3. Deal announcedAgreement signed
  4. Closed14 Jul 2025

Tavia Read What stands out, from the filings · snapshot 14

  1. 01

    Smaller than 96% of 2021’s SPAC IPOs.

    $69M raised, against a median of $239M for the 610 SPACs that priced in 2021.

  2. 02

    $10.10 in trust per unit, above the 2021 median.

    The median that year was $10.00. Above $10.00, the sponsor tops up the trust from its own private placement.

  3. 03

    100% of public shares redeemed across 5 votes.

    4 extension votes and the merger vote, counted from the SPAC’s 8-Ks. 0% of the public shares remained after the last one.

  4. 04

    Closed its merger 46 months after its IPO.

    The combined company is VisionWave Holdings, Inc. (VWAV). Sector: Technology and telecoms.

Worked out from checked figures in snapshot 14 · no forecasts or advice

Key terms

Other 2021 SPAC IPOs →
IPO priced
10 Sept 2021
IPO closed
14 Sept 2021
Raised
$69M1
Units sold
6,900,0002
Trust raised
$69.7M3
Trust per unit
$10.104
Unit
1 sh + 1 warrant + 1 right (1/10)5
Months to complete
156
Deadline before extensions
14 Dec 2022
Over-allotment
Exercised in full

Each unit: “one share of common stock, one right (to receive one-tenth of one share of common stock) and one redeemable warrant”

How it compares

Bannix Acquisition Corp. against the 610 SPACs that priced in 2021.

Raised
$69M
96% of 2021 SPACs are above it
2021 median: $239M
Trust per unit
$10.10
65% of 2021 SPACs are below it
2021 median: $10.00
Months to complete
15
75% of 2021 SPACs are above it
2021 median: 24
Redeemed across its votes
100%
93% of 2021 SPACs are below it
2021 median: 94%

Trust and redemptions

  1. Extension vote · 8 Mar 20233,960,387 of 6,900,000 redeemed (57%)
  2. Extension vote · 8 Mar 20241,381,866 of 2,939,613 redeemed (47%)
  3. Extension vote · 6 Sept 20241,232,999 of 1,557,747 redeemed (79%)
  4. Extension vote · 7 Mar 2025225,082 of 324,748 redeemed (69%)
  5. Merger vote · 22 May 202583,313 of 99,666 redeemed (84%)

Public shares before each vote and the shares redeemed, as its 8-Ks (or the next 10-Q or 10-K) state them. Only votes whose redemptions were paid count.

Firms named in the prospectus

Company counsel

Underwriters’ counsel

Sponsor

No other SPAC from Subash Menon and Sudeesh Yezhuvath (through Bannix Management LLP), Suresh Yezhuvath and Seema Rao or a vehicle of the same name priced since 1 January 2019.

Peers

Other 2021 SPAC IPOs with I-Bankers Securities, Inc. as bookrunner.

SPACIPORaisedUnitStatus
NorthView Acquisition Corp20 Dec 2021$190M1 sh + ½ warrant + 1 rightCompleted
Financial Strategies Acquisition Corp.9 Dec 2021$100M1 sh + 1 warrant + 1 right (1/10)Deal announced
Jupiter Wellness Acquisition Corp.6 Dec 2021$138M1 sh + 1 right (1/8)Completed
OmniLit Acquisition Corp.8 Nov 2021$144M1 sh + ½ warrantCompleted
Deep Medicine Acquisition Corp.26 Oct 2021$127M1 sh + 1 right (1/10)Completed

Sources

  1. PFinal prospectus: 0001575705-21-000635
  2. 1Gross proceeds: 0001575705-21-000656which was inclusive of the underwriters’ full exercise of their over-allotment option, generating gross proceeds of $69,000,000.
  3. 2Units sold: 0001575705-21-000656On September 14, 2021 the Company consummated its IPO and sold 6,900,000 Units at a purchase price of $10.00 per Unit, which was inclusive of the underwriters’ full exercise of their over-allotment option
  4. 3Trust raised: 0001575705-21-000656As of September 14, 2021, a total of $69,690,000 of the net proceeds from the IPO, the Over-Allotment and the Private Placement were deposited in a trust account
  5. 4Trust per unit: 0001575705-21-000635$60,600,000 or $69,690,000 if the underwriters’ over-allotment option is exercised in full ($10.10 per unit in either case
  6. 5Unit composition: 0001575705-21-000635Each unit consists of one share of common stock, one right and one redeemable warrant.
  7. 6Months to complete: 0001575705-21-000635We have 15 months from the closing of this offering (or up to 21 months from the closing of this offering if we extend the period of time to consummate a business combination

Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.

How the figures are compiled
  • Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
  • Dated by. The date of the final prospectus.
  • Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
  • Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
  • Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
  • Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
  • Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
  • Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
  • Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
  • Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
  • Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
  • Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
  • Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
  • Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
  • Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
  • Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.

Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026

For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.