Bannix Acquisition Corp. announced that it has entered into a security purchase agreement for the issuance of unsecured promissory note for gross proceeds of $690,000 on December 13, 2022. The transaction included participation from Instant Fame LLC.

The note does not bear interest and matures upon closing of a business combination by the company. If the company fails to consummate a business combination, the outstanding debt under the note will be forgiven, except to the extent of any funds held outside of the company's trust account after paying all other fees and expenses of the company.