Bannix Acquisition Corp. Announces Entering into a Business Combination Agreement with Evie Autonomous Group Ltd.

Developer of Ai Technologies and Autonomous Future Mobility Platforms for Industrial & Commercial Environments.

“At Evie we move people and goods autonomously”

WEST HOLLYWOOD, Calif., June 30, 2023 (GLOBE NEWSWIRE) -- Bannix Acquisition Corp. (NASDAQ: BNIX), a publicly traded special purpose acquisition company, is thrilled to announce that it has entered into a definitive agreement to acquire Evie Autonomous Group Ltd, a private company based in England and Wales. This business combination agreement marks a significant milestone for both companies and represents a major leap forward in the autonomous technology sector.

Evie Autonomous operates in the off highway industrial & commercial future autonomous mobility markets. It has a complete proven autonomous technologies stack using its Ai Radar vision sensor that can be installed on any other vehicle as well as its own range of autonomous pods and future mobility platforms, with endless applications. This means that it is not in direct competition with the major automotive manufacturers, rather is part of the automotive tier 1 supply chain supplying other Original Equipment Manufactures, and its platforms operate in a controlled commercial setting, such as campuses, airports, ports, agriculture, logistics and smart cities. This can be better understood by visiting www.evieautonomous.com. Additionally, Evie Autonomous has upgraded its current pods, as used at London Heathrow Airport, with full level4 autonomy, allowing it to operate outside of a guideway. It also has a range of fully autonomous operating vehicles at its headquarters for various applications and projects.

Under the terms of the agreement, Bannix will acquire all of the issued and outstanding shares of Evie Autonomous Group Ltd. In exchange, Bannix will issue 85,000,000 shares of its common stock, par value $0.01 per share. This transaction will result in Evie Autonomous Group Ltd becoming a wholly owned subsidiary of Bannix.

The agreement includes customary representations and warranties. Bannix has made various commitments, including obtaining relevant approvals and complying with applicable listing requirements of The Nasdaq Stock Market LLC. Similarly, Evie Autonomous Group Ltd has made representations and warranties regarding its organization, financial statements, compliance with laws, and more.

The completion of the acquisition is subject to certain conditions, including the approval of Bannix's shareholders. Both Bannix and Evie Autonomous Group Ltd are committed to working diligently together to meet these conditions and finalize the deal.