Bannix Acquisition Corp. entered into a material definitive agreement for the private placement of an unsecured promissory note at an issue price of $87,325 per note for gross proceeds of $87,325 on May 12, 2023. The transaction included participation from new investor, Evie Autonomous Limited.

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