EVIE Autonomous Automotive Ltd. entered into a Binding Letter of Intent to acquire Bannix Acquisition Corp. (NasdaqCM:BNIX) for approximately $520 million in a reverse merger transaction on April 17, 2023. EVIE Autonomous Automotive Ltd. entered into business combination agreement to acquire Bannix Acquisition Corp. on June 23, 2023. As per the terms of letter of intent, 50 million shares of common stock of BNIX shall be issued for a total consideration of $500 million. As per the business combination agreement, Bannix will issue 85 million shares in consideration. In a related transaction, Bannix Acquisition Corp. agreed to acquire the Apollo System which is intellectual property covered by patent application filed with the US Patent and Trademark Office. Upon closing, target holders will be entitled to nominate the entire board of BNIX. BNIX board will consist of such number and composition of directors per target holders sole discretion.

The deal is subject to board and shareholder approval of both companies, regulatory approvals, execution of a mutually satisfactory definitive agreement by the Company and EVIE, consummation of due diligence, third party approvals and other customary conditions. As of May 12, 2023, the Board, at the request of the Sponsor, determined to implement a third Extension and to extend the Deadline Date for an additional month to June 14, 2023. As of June 12, 2023, Bannix Acquisition Corp. announced that its board of directors has decided to extend the date by which Bannix must consummate an initial business combination from June 14, 2023 for an additional month, to July 14, 2023. Also as previously disclosed, if an Extension is implemented, the sponsor of Bannix, Sponsor or its designees will deposit into the trust account, as a loan, the lesser of (x) $75,000 or (y) $0.07 per public share multiplied by the number of public shares outstanding (the ?Contribution?), in connection with each Extension. As of July 12, 2023, the Board, at the request of the Sponsor, decided to implement a fifth Extension and to extend the Deadline Date for an additional month to August 14, 2023. As of July 14, 2023, Bannix Acquisition Corp. announced today that its board of directors has decided to extend the date by which Bannix must consummate an initial business combination (the ?Deadline Date?) from July 14, 2023, for an additional month, to August 14, 2023. As a part of the Transaction, on or about July 12, 2023, Bannix filed with the United Kingdom Cabinet Office a notification under the National Security and Investment Act 2021 in relation to the acquisition of EVIE, which is required by the Act (the ?Notification?). On September 6, 2023, the Company was notified by the U.K. Cabinet Office, Risk Identification and Review Investment Security Unit, that the Secretary of State has considered the notification and approved it. As on September 14, 2023, board of directors of Bannix Acquisition Corp. decided to extend the date by which Bannix must consummate an initial business combination (the ?Deadline Date?) from September 14, 2023 for an additional month, to October 14, 2023.

ClearThink Capital LLC acted as financial advisor to BNIX. Fleming PLLC acted as legal advisor to Bannix and Beswicks Legal acted as legal advisor to EVIE in the transaction.